Vanguard Personalized Indexing Management LLC Grows Stake in Cummins Inc. $CMI

Vanguard Personalized Indexing Management LLC boosted its position in Cummins Inc. (NYSE:CMI) by 3.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 32,919 shares of the company’s stock after buying an additional 1,197 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Cummins were worth $16,804,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CMI. Brighton Jones LLC increased its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC increased its stake in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina increased its position in Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after buying an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins during the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the second quarter worth $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 0.0%

Shares of CMI opened at $659.77 on Monday. The stock’s 50-day moving average is $648.43 and its two-hundred day moving average is $583.95. The stock has a market cap of $91.04 billion, a PE ratio of 34.24, a P/E/G ratio of 1.61 and a beta of 1.24. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.96 earnings per share. Equities analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

Insider Activity at Cummins

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CMI. Wells Fargo & Company raised their price target on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Morgan Stanley raised their price target on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. Finally, UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $565.00 to $850.00 in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $726.14.

About Cummins

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.