205 Shares in Cummins Inc. $CMI Purchased by Virtus Advisers LLC

Virtus Advisers LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 205 shares of the company’s stock, valued at approximately $67,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC grew its holdings in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the period. GSA Capital Partners LLP acquired a new position in Cummins during the first quarter worth $575,000. Harbour Investments Inc. boosted its position in Cummins by 6.0% during the first quarter. Harbour Investments Inc. now owns 1,826 shares of the company’s stock worth $572,000 after purchasing an additional 103 shares in the last quarter. Baker Avenue Asset Management LP acquired a new stake in Cummins in the first quarter valued at $250,000. Finally, TIAA Trust National Association grew its holdings in Cummins by 50.3% in the first quarter. TIAA Trust National Association now owns 3,602 shares of the company’s stock valued at $1,129,000 after purchasing an additional 1,205 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 36,410 shares of company stock valued at $16,424,574 over the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $496.55 on Tuesday. The stock has a market capitalization of $68.54 billion, a P/E ratio of 23.34, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $501.47. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm’s 50-day moving average is $443.69 and its two-hundred day moving average is $389.21.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analyst Ratings Changes

Several research firms have recently issued reports on CMI. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, November 24th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price target on shares of Cummins in a report on Friday, November 7th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $476.75.

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.