Voya Investment Management LLC Raises Position in Cummins Inc. $CMI

Voya Investment Management LLC grew its stake in Cummins Inc. (NYSE:CMI) by 13.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,765 shares of the company’s stock after purchasing an additional 11,627 shares during the period. Voya Investment Management LLC owned approximately 0.07% of Cummins worth $41,715,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Algert Global LLC bought a new stake in shares of Cummins in the 1st quarter worth about $323,000. Candriam S.C.A. boosted its stake in shares of Cummins by 4.6% during the 1st quarter. Candriam S.C.A. now owns 16,296 shares of the company’s stock worth $5,108,000 after purchasing an additional 720 shares during the period. CW Advisors LLC boosted its stake in shares of Cummins by 17.5% during the 1st quarter. CW Advisors LLC now owns 1,668 shares of the company’s stock worth $526,000 after purchasing an additional 249 shares during the period. Finally, Norinchukin Bank The grew its holdings in Cummins by 15.8% during the 1st quarter. Norinchukin Bank The now owns 7,343 shares of the company’s stock valued at $2,302,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Monday, December 15th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Citigroup upped their price target on shares of Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Wells Fargo & Company began coverage on Cummins in a research note on Thursday, November 13th. They issued an “overweight” rating and a $599.00 price objective on the stock. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $486.60.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,330 shares of company stock worth $12,649,764 over the last three months. 0.41% of the stock is currently owned by insiders.

Cummins Stock Performance

Shares of CMI opened at $507.14 on Friday. The stock has a fifty day moving average price of $467.22 and a 200-day moving average price of $406.87. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $526.50. The firm has a market cap of $70.01 billion, a PE ratio of 26.32, a P/E/G ratio of 2.00 and a beta of 1.11.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.86 earnings per share. Equities research 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, December 4th. Shareholders of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. Cummins’s payout ratio is currently 41.52%.

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.