Perbak Capital Partners LLP Makes New $1.39 Million Investment in Cummins Inc. $CMI

Perbak Capital Partners LLP acquired a new stake in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,279 shares of the company’s stock, valued at approximately $1,385,000.

Other large investors have also modified their holdings of the company. Brighton Jones LLC boosted its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC increased its stake in Cummins by 40.8% in the first 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 during the period. National Pension Service raised its holdings in shares of Cummins by 0.7% in the second quarter. National Pension Service now owns 230,658 shares of the company’s stock valued at $75,540,000 after buying an additional 1,570 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after buying an additional 43,720 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Cummins by 4.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 20,901 shares of the company’s stock worth $6,845,000 after buying an additional 933 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CMI shares. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research report on Monday, January 26th. JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Finally, Argus set a $696.00 price target on Cummins in a research note on Tuesday, February 10th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insider Transactions at Cummins

In other Cummins news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by company insiders.

Cummins Trading Down 0.6%

NYSE CMI opened at $535.58 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $74.00 billion, a P/E ratio of 26.10, a P/E/G ratio of 1.71 and a beta of 1.12. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The firm has a 50-day moving average price of $574.09 and a 200 day moving average price of $495.24.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Cummins 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.