Payden & Rygel Grows Stock Position in Cummins Inc. (NYSE:CMI)

Payden & Rygel increased its holdings in shares of Cummins Inc. (NYSE:CMIGet Rating) by 23.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,200 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Payden & Rygel’s holdings in Cummins were worth $1,067,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Mystic Asset Management Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at about $27,000. KRS Capital Management LLC acquired a new stake in Cummins during the 4th quarter valued at approximately $30,000. Steward Financial Group LLC acquired a new stake in Cummins during the 4th quarter valued at approximately $32,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $39,000. Finally, Cornerstone Advisory LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $40,000. Institutional investors own 80.50% of the company’s stock.

Shares of CMI stock traded down $1.65 during trading hours on Thursday, reaching $192.22. The company had a trading volume of 2,386 shares, compared to its average volume of 805,403. The company has a 50 day moving average of $201.17 and a 200 day moving average of $209.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.68 and a quick ratio of 1.07. The firm has a market cap of $27.12 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 1.26 and a beta of 1.02. Cummins Inc. has a 1-year low of $186.17 and a 1-year high of $247.48.

Cummins (NYSE:CMIGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.55 by $0.49. The business had revenue of $6.39 billion during the quarter, compared to analysts’ expectations of $6.06 billion. Cummins had a net margin of 8.00% and a return on equity of 23.19%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.04 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 17.58 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 2nd. Shareholders of record on Friday, May 20th were issued a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Thursday, May 19th. Cummins’s dividend payout ratio (DPR) is presently 43.15%.

Several analysts recently issued reports on the company. Credit Suisse Group cut their price target on Cummins from $304.00 to $270.00 in a report on Wednesday, May 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on Cummins from $256.00 to $233.00 and set a “hold” rating on the stock in a research note on Thursday, April 14th. Citigroup decreased their target price on Cummins from $260.00 to $220.00 in a report on Tuesday, April 12th. Morgan Stanley began coverage on Cummins in a report on Thursday. They issued an “equal weight” rating and a $205.00 target price on the stock. Finally, UBS Group downgraded Cummins from a “buy” rating to a “neutral” rating and lowered their price target for the company from $260.00 to $214.00 in a report on Friday, March 18th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $248.33.

In related news, COO Jennifer Rumsey sold 420 shares of the firm’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $208.41, for a total value of $87,532.20. Following the completion of the sale, the chief operating officer now directly owns 2,052 shares in the company, valued at approximately $427,657.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Franklin R. Changdiaz sold 1,560 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $199.62, for a total transaction of $311,407.20. Following the completion of the sale, the director now owns 4,842 shares of the company’s stock, valued at $966,560.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,710 shares of company stock valued at $10,468,698. Corporate insiders own 1.00% of the company’s stock.

Cummins Company Profile (Get Rating)

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

See Also

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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