Quest Partners LLC Purchases 5,485 Shares of Cummins Inc. (NYSE:CMI)

Quest Partners LLC boosted its position in Cummins Inc. (NYSE:CMI) by 311.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,245 shares of the company’s stock after acquiring an additional 5,485 shares during the period. Quest Partners LLC’s holdings in Cummins were worth $2,006,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 4.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock valued at $619,982,000 after purchasing an additional 103,018 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cummins by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after purchasing an additional 96,387 shares in the last quarter. Ontario Teachers Pension Plan Board grew its position in shares of Cummins by 3.1% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after purchasing an additional 43,090 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in shares of Cummins by 4.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock valued at $334,933,000 after purchasing an additional 64,365 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Stock Down 1.2 %

NYSE:CMI opened at $293.21 on Monday. The firm has a market cap of $40.18 billion, a P/E ratio of 21.46, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The firm has a 50-day simple moving average of $292.17 and a two-hundred day simple moving average of $286.20.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the business earned $5.18 EPS. Cummins’s revenue was up 2.3% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.48%. Cummins’s payout ratio is currently 53.29%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CMI. Evercore ISI raised their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $299.55.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.