Cummins Inc. $CMI Stock Position Raised by PFG Investments LLC

PFG Investments LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 41.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,518 shares of the company’s stock after purchasing an additional 1,037 shares during the period. PFG Investments LLC’s holdings in Cummins were worth $1,796,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CMI. Fisher Asset Management LLC raised its holdings in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares during the period. Dimensional Fund Advisors LP boosted its stake in Cummins by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after purchasing an additional 7,372 shares during the period. Raymond James Financial Inc. grew its position in Cummins by 4.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the period. Finally, Boston Partners purchased a new stake in shares of Cummins in the third quarter valued at $473,471,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CMI shares. Robert W. Baird set a $580.00 price target on Cummins in a report on Friday, February 6th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Argus set a $696.00 target price on Cummins in a research note on Tuesday, February 10th. Barclays upped their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research report on Friday, April 10th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $598.47.

Insider Transactions at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 in the last ninety days. 0.30% of the stock is currently owned by insiders.

Cummins Price Performance

Shares of NYSE:CMI opened at $608.50 on Friday. The firm has a market cap of $84.07 billion, a price-to-earnings ratio of 29.65, a P/E/G ratio of 1.90 and a beta of 1.14. Cummins Inc. has a 1 year low of $269.24 and a 1 year high of $620.78. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $570.32 and a 200 day simple moving average of $520.85.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the company posted $5.16 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s payout ratio is presently 38.99%.

Cummins 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.