Cummins Inc. $CMI Shares Purchased by iA Global Asset Management Inc.

iA Global Asset Management Inc. lifted its holdings in Cummins Inc. (NYSE:CMI) by 1,229.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,409 shares of the company’s stock after purchasing an additional 21,648 shares during the period. iA Global Asset Management Inc.’s holdings in Cummins were worth $12,595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Nicolet Advisory Services LLC boosted its position in Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC raised its stake in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after buying an additional 17 shares during the period. Frank Rimerman Advisors LLC lifted its position in shares of Cummins by 0.5% during the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after buying an additional 18 shares in the last quarter. Financial Consulate Inc. lifted its position in shares of Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after buying an additional 18 shares in the last quarter. Finally, ICW Investment Advisors LLC grew its position in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock worth $9,377,684 in the last 90 days. Insiders own 0.30% of the company’s stock.

Cummins Trading Up 3.1%

CMI opened at $712.66 on Wednesday. The stock has a market capitalization of $98.34 billion, a PE ratio of 36.98, a P/E/G ratio of 1.69 and a beta of 1.23. Cummins Inc. has a one year low of $325.00 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The business’s 50 day moving average price is $675.72 and its 200 day moving average price is $601.00.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CMI shares. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Argus increased their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Finally, Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. One equities 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 stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $731.86.

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.