R Squared Ltd Increases Stock Holdings in Cummins Inc. $CMI

R Squared Ltd lifted its position in shares of Cummins Inc. (NYSE:CMI) by 108.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,751 shares of the company’s stock after buying an additional 911 shares during the period. R Squared Ltd’s holdings in Cummins were worth $942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Thompson Investment Management Inc. purchased a new position in Cummins during the 4th quarter valued at about $26,000. Activest Wealth Management lifted its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Cummins during the fourth quarter worth approximately $27,000. Key Financial Inc boosted its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. Finally, Birchwood Financial Partners Inc. acquired a new position in Cummins in the fourth quarter valued at $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on 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 in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Evercore reissued an “outperform” rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Finally, Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $738.00.

Cummins Trading Down 4.3%

NYSE:CMI traded down $29.31 during trading hours on Tuesday, reaching $648.93. 250,406 shares of the company were exchanged, compared to its average volume of 964,622. Cummins Inc. has a 52-week low of $328.02 and a 52-week high of $737.76. The firm has a market cap of $89.55 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 1.62 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock has a 50 day simple moving average of $677.56 and a 200 day simple moving average of $604.21.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating 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 business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the company posted $5.96 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. As a group, analysts predict that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Dividend Announcement

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%.

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.