Intech Investment Management LLC Has $2.29 Million Stake in Cummins Inc. $CMI

Intech Investment Management LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 23.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,426 shares of the company’s stock after buying an additional 1,037 shares during the period. Intech Investment Management LLC’s holdings in Cummins were worth $2,292,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CMI. Flagship Wealth Advisors LLC bought a new stake in Cummins in the third quarter valued at about $28,000. Salomon & Ludwin LLC boosted its holdings in Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares in the last quarter. Guerra Advisors Inc bought a new stake in shares of Cummins in the 3rd quarter valued at approximately $36,000. Tripletail Wealth Management LLC acquired a new position in shares of Cummins in the 3rd quarter worth approximately $39,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent analyst reports. Citigroup boosted their price target on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Raymond James Financial lifted their price objective on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday, February 9th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a report on Monday, January 26th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Finally, Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Performance

Cummins stock opened at $559.82 on Wednesday. The stock has a 50-day simple moving average of $568.58 and a 200 day simple moving average of $488.03. The stock has a market capitalization of $77.34 billion, a price-to-earnings ratio of 27.28, a P/E/G ratio of 1.84 and a beta of 1.12. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter last year, the company posted $5.16 EPS. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders 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 yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

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.