Uncommon Cents Investing LLC Purchases New Position in Cummins Inc. (NYSE:CMI)

Uncommon Cents Investing LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 2,060 shares of the company’s stock, valued at approximately $494,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Norges Bank bought a new stake in Cummins during the 4th quarter worth approximately $292,182,000. iA Global Asset Management Inc. bought a new stake in Cummins during the 3rd quarter worth approximately $71,268,000. Envestnet Asset Management Inc. increased its stake in Cummins by 88.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after purchasing an additional 274,927 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Cummins by 28.2% during the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after purchasing an additional 235,372 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Daniel William Fisher bought 562 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock valued at $13,576,838 in the last quarter. 1.12% of the stock is currently owned by insiders.

Cummins Stock Down 0.0 %

Shares of NYSE CMI traded down $0.08 during trading hours on Thursday, hitting $294.61. The company had a trading volume of 1,107,282 shares, compared to its average volume of 3,261,030. The stock has a market capitalization of $41.79 billion, a P/E ratio of 56.87, a price-to-earnings-growth ratio of 1.98 and a beta of 1.03. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $297.11. The firm’s 50 day moving average is $261.54 and its 200-day moving average is $240.87.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business earned $4.52 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, analysts expect that Cummins Inc. will post 18.36 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is 129.73%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CMI shares. Evercore ISI increased their target price on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Citigroup raised their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Finally, TD Cowen raised their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $271.64.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.