Cerity Partners LLC Boosts Stake in Cummins Inc. $CMI

Cerity Partners LLC increased its position in Cummins Inc. (NYSE:CMI) by 0.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 129,751 shares of the company’s stock after purchasing an additional 1,023 shares during the period. Cerity Partners LLC’s holdings in Cummins were worth $66,238,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Orion Investment Co lifted its holdings in shares of Cummins by 0.3% in the 4th quarter. Orion Investment Co now owns 22,785 shares of the company’s stock valued at $11,631,000 after purchasing an additional 74 shares during the last quarter. Franklin Resources Inc. increased its position in Cummins by 7.2% in the 4th quarter. Franklin Resources Inc. now owns 165,397 shares of the company’s stock valued at $84,427,000 after acquiring an additional 11,078 shares during the period. O Shaughnessy Asset Management LLC increased its position in Cummins by 6.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 42,679 shares of the company’s stock valued at $21,785,000 after acquiring an additional 2,716 shares during the period. Clearbridge Investments LLC increased its position in Cummins by 15.4% in the 4th quarter. Clearbridge Investments LLC now owns 923 shares of the company’s stock valued at $471,000 after acquiring an additional 123 shares during the period. Finally, Valtrion Capital Management LLC increased its position in Cummins by 31.7% in the 4th quarter. Valtrion Capital Management LLC now owns 2,374 shares of the company’s stock valued at $1,212,000 after acquiring an additional 572 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CMI shares. Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. boosted their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. 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. Wells Fargo & Company boosted their price target on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley boosted their price target on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $726.14.

Cummins Stock Performance

NYSE CMI opened at $668.73 on Wednesday. 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 $641.50 and its two-hundred day moving average is $580.27. 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 $92.28 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 1.64 and a beta of 1.23.

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 29.29 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s payout ratio is presently 41.52%.

Insider Activity at Cummins

In other news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the sale, the vice president owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 in the last three months. 0.30% of the stock is currently owned by corporate insiders.

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.