Cummins Inc. $CMI Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 898,642 shares of the company’s stock after buying an additional 15,531 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.65% of Cummins worth $294,305,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Raymond James Financial Inc. boosted its stake in shares of Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after acquiring an additional 817,384 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board grew its holdings in shares of Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after buying an additional 427,670 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after buying an additional 424,294 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Cummins in the first quarter valued at approximately $109,120,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CMI shares. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Wells Fargo & Company began coverage on Cummins in a research report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 price objective for the company. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $470.33.

Insiders Place Their Bets

In other news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 34,960 shares of company stock valued at $15,715,060. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $485.30 on Tuesday. The business has a 50-day moving average of $436.12 and a two-hundred day moving average of $383.27. The firm has a market capitalization of $66.99 billion, a PE ratio of 22.82, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $490.34.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $5.86 EPS. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

About Cummins

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.