Charles Schwab Investment Management Inc. Has $204.93 Million Stake in Cummins Inc. (NYSE:CMI)

Charles Schwab Investment Management Inc. boosted its position in shares of Cummins Inc. (NYSE:CMI) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 855,396 shares of the company’s stock after buying an additional 24,251 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cummins were worth $204,927,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CMI. Apollon Wealth Management LLC lifted its holdings in shares of Cummins by 8.0% in the fourth quarter. Apollon Wealth Management LLC now owns 10,415 shares of the company’s stock worth $2,495,000 after acquiring an additional 769 shares during the last quarter. Machina Capital S.A.S. bought a new position in shares of Cummins in the fourth quarter worth about $1,057,000. Connecticut Wealth Management LLC lifted its holdings in shares of Cummins by 36.2% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,780 shares of the company’s stock worth $906,000 after acquiring an additional 1,005 shares during the last quarter. Sapient Capital LLC bought a new position in shares of Cummins in the fourth quarter worth about $3,179,000. Finally, Merit Financial Group LLC raised its holdings in Cummins by 42.2% in the 4th quarter. Merit Financial Group LLC now owns 4,863 shares of the company’s stock valued at $1,165,000 after buying an additional 1,443 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 0.7 %

Cummins stock opened at $288.97 on Thursday. The firm has a market cap of $39.53 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 1.90 and a beta of 1.04. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The firm has a 50 day moving average price of $286.11 and a two-hundred day moving average price of $253.84.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned $4.52 EPS. Equities analysts predict that Cummins Inc. will post 18.45 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 49.19%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. TD Cowen raised their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Evercore ISI raised their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Robert W. Baird dropped their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $282.55.

Insider Transactions at Cummins

In other Cummins news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders sold a total of 55,169 shares of company stock valued at $14,689,855 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Cummins Company 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.