iA Global Asset Management Inc. Boosts Stake in Cummins Inc. $CMI

iA Global Asset Management Inc. increased its position in Cummins Inc. (NYSE:CMI) by 492.9% in the 4th quarter, Holdings Channel reports. The firm owned 1,761 shares of the company’s stock after buying an additional 1,464 shares during the period. iA Global Asset Management Inc.’s holdings in Cummins were worth $899,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins in the 4th quarter valued at about $26,000. Activest Wealth Management lifted its holdings in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Flagship Wealth Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at about $28,000. Ares Financial Consulting LLC purchased a new stake in shares of Cummins in the 4th quarter valued at about $29,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the 2nd quarter valued at about $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CMI. Morgan Stanley boosted their target price on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Argus set a $696.00 price target on Cummins in a research report on Tuesday, February 10th. Finally, Sanford C. Bernstein set a $600.00 price target on Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $677.87.

Cummins Stock Performance

NYSE CMI opened at $677.20 on Tuesday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $603.93 and its two-hundred day moving average is $557.42. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08. The stock has a market capitalization of $93.45 billion, a price-to-earnings ratio of 35.14, a PEG ratio of 1.76 and a beta of 1.27.

Cummins (NYSE:CMI) last released 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 for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In other news, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. The trade was a 6.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 22,397 shares of company stock worth $14,465,833. Corporate insiders own 0.30% of the company’s stock.

Cummins Company 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.