KG&L Capital Management LLC Boosts Position in Cummins Inc. (NYSE:CMI)

KG&L Capital Management LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 7.3% in the first quarter, HoldingsChannel.com reports. The fund owned 4,024 shares of the company’s stock after acquiring an additional 275 shares during the period. KG&L Capital Management LLC’s holdings in Cummins were worth $1,254,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CMI. FMR LLC boosted its stake in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after purchasing an additional 67,266 shares in the last quarter. Fayez Sarofim & Co grew its holdings in shares of Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after acquiring an additional 3,440 shares during the period. National Bank of Canada FI raised its position in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after acquiring an additional 3,298 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after purchasing an additional 6,107 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on CMI shares. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Citigroup raised their price objective on shares of Cummins from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $358.08.

Cummins Stock Down 1.5%

NYSE CMI opened at $318.86 on Thursday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $43.93 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The stock’s 50-day moving average price is $313.19 and its 200-day moving average price is $333.69.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period in the prior year, the firm posted $5.08 EPS. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.28%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company’s stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.41% of the company’s stock.

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.