Intech Investment Management LLC Acquires 1,037 Shares of Cummins Inc. $CMI

Intech Investment Management LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 23.6% during the 3rd quarter, Holdings Channel reports. The firm owned 5,426 shares of the company’s stock after acquiring an additional 1,037 shares during the period. Intech Investment Management LLC’s holdings in Cummins were worth $2,292,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Flagship Wealth Advisors LLC acquired a new position in Cummins in the third quarter valued at about $28,000. Salomon & Ludwin LLC increased its stake in shares of Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after acquiring an additional 80 shares during the last quarter. Guerra Advisors Inc bought a new position in Cummins during the 3rd quarter worth approximately $36,000. Tripletail Wealth Management LLC acquired a new position in Cummins during the third quarter valued at approximately $39,000. Finally, Osterweis Capital Management Inc. acquired a new position in Cummins during the second quarter valued at approximately $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In related news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,141 shares of company stock valued at $16,121,817 in the last three months. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Raymond James Financial lifted their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. boosted their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Robert W. Baird set a $580.00 price target on Cummins in a research report on Friday, February 6th. Citigroup lifted their price objective on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Down 3.5%

CMI stock opened at $559.82 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a market capitalization of $77.34 billion, a P/E ratio of 27.28, a P/E/G ratio of 1.84 and a beta of 1.12. The business has a 50-day moving average of $568.58 and a 200-day moving average of $488.03. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (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 business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter last year, the firm earned $5.16 EPS. Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

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.