Cim LLC Increases Holdings in Cummins Inc. $CMI

Cim LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 302.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,317 shares of the company’s stock after buying an additional 15,271 shares during the quarter. Cummins accounts for approximately 1.6% of Cim LLC’s holdings, making the stock its 23rd largest position. Cim LLC’s holdings in Cummins were worth $10,931,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Oddo BHF Asset Management Sas bought a new stake in shares of Cummins in the first quarter worth $2,080,000. Bull Harbor Capital LLC purchased a new stake in Cummins during the first quarter valued at $1,155,000. Ashton Thomas Securities LLC bought a new position in Cummins in the first quarter valued at about $684,000. Opal Capital LLC boosted its position in Cummins by 490.5% in the first quarter. Opal Capital LLC now owns 2,982 shares of the company’s stock worth $1,604,000 after purchasing an additional 2,477 shares during the last quarter. Finally, Guardian Partners Inc. boosted its position in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $605.63 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a 50-day simple moving average of $670.30 and a two-hundred day simple moving average of $621.86. The firm has a market capitalization of $83.57 billion, a PE ratio of 31.43, a P/E/G ratio of 1.56 and a beta of 1.22. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 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 firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the company earned $5.96 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CMI shares. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Citigroup upped their target price on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Morgan Stanley increased their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $740.07.

Insider Activity at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the company’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 completion of the transaction, the vice president owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last 90 days. Insiders own 0.30% of the company’s stock.

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.