MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Acquires Shares of 468 Cummins Inc. $CMI

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 468 shares of the company’s stock, valued at approximately $153,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fox Run Management L.L.C. purchased a new position in shares of Cummins in the first quarter worth about $2,749,000. Alpha Cubed Investments LLC purchased a new position in Cummins in the 1st quarter valued at approximately $440,000. Assenagon Asset Management S.A. raised its holdings in Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after acquiring an additional 1,114 shares during the period. Invesco Ltd. lifted its position in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after acquiring an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its holdings in shares of Cummins by 19.1% in the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after acquiring an additional 1,241 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of recent analyst reports. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Citigroup boosted their price target on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $393.57.

Cummins Stock Performance

NYSE CMI opened at $413.99 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $432.50. The company has a fifty day moving average of $392.70 and a 200-day moving average of $341.63. The company has a market capitalization of $57.04 billion, a P/E ratio of 19.46, a P/E/G ratio of 2.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the business posted $5.26 earnings per share. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a $2.00 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,119 shares of company stock valued at $14,159,885. 0.41% of the stock is currently owned by corporate insiders.

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.