OP Asset Management Ltd Invests $7.52 Million in Cummins Inc. $CMI

OP Asset Management Ltd bought a new stake in Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 13,973 shares of the company’s stock, valued at approximately $7,518,000.

Several other hedge funds have also bought and sold shares of CMI. Thompson Investment Management Inc. acquired a new position in Cummins during the fourth quarter worth approximately $26,000. Activest Wealth Management lifted its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. Birchwood Financial Partners Inc. bought a new position in shares of Cummins during the 4th quarter worth approximately $28,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Cummins during the 4th quarter worth approximately $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CMI shares. UBS Group restated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Wells Fargo & Company lifted their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock valued at $9,377,684 in the last quarter. Company insiders own 0.30% of the company’s stock.

Cummins Stock Performance

CMI opened at $727.12 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The business has a fifty day simple moving average of $670.68 and a 200 day simple moving average of $597.08. Cummins Inc. has a 1 year low of $319.37 and a 1 year high of $737.76. The company has a market capitalization of $100.33 billion, a PE ratio of 37.73, a price-to-earnings-growth ratio of 1.70 and a beta of 1.23.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter last year, the business earned $5.96 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.