IFM Investors Pty Ltd Increases Stock Position in Cummins Inc. $CMI

IFM Investors Pty Ltd boosted its position in Cummins Inc. (NYSE:CMI) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,898 shares of the company’s stock after acquiring an additional 781 shares during the period. IFM Investors Pty Ltd’s holdings in Cummins were worth $14,472,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins during the fourth quarter worth about $26,000. Activest Wealth Management increased its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Cummins during the 4th quarter valued at about $27,000. Key Financial Inc raised its position in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. bought a new position in Cummins during the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $681.59 on Thursday. Cummins Inc. has a 12 month low of $325.25 and a 12 month high of $737.76. The firm has a market capitalization of $94.05 billion, a P/E ratio of 35.37, a P/E/G ratio of 1.74 and a beta of 1.22. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $676.64 and a two-hundred day simple moving average of $602.12.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.96 EPS. On average, equities analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.

Analysts Set New Price Targets

CMI has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Raymond James Financial lifted their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. UBS Group reissued a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Finally, Barclays upped their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Insider Buying and Selling at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

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.