Cullinan Associates Inc. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Cullinan Associates Inc. lifted its stake in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 20.2% during the fourth quarter, Holdings Channel reports. The fund owned 26,360 shares of the company’s stock after purchasing an additional 4,428 shares during the quarter. Cullinan Associates Inc.’s holdings in Cummins were worth $6,387,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. NorthRock Partners LLC purchased a new stake in shares of Cummins during the third quarter worth about $222,000. CIBC Asset Management Inc raised its holdings in Cummins by 41.3% in the 3rd quarter. CIBC Asset Management Inc now owns 24,805 shares of the company’s stock valued at $5,048,000 after acquiring an additional 7,246 shares during the last quarter. Versor Investments LP raised its holdings in Cummins by 3.9% in the 3rd quarter. Versor Investments LP now owns 14,005 shares of the company’s stock valued at $2,850,000 after acquiring an additional 521 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Cummins by 21.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 35,659 shares of the company’s stock worth $6,901,000 after purchasing an additional 6,200 shares during the period. Finally, Comerica Bank boosted its holdings in shares of Cummins by 2.0% during the third quarter. Comerica Bank now owns 22,379 shares of the company’s stock worth $5,227,000 after purchasing an additional 441 shares during the last quarter. Institutional investors and hedge funds own 80.94% of the company’s stock.

Cummins Trading Down 2.9 %

Shares of CMI stock opened at $225.21 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 0.45. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $261.91. The firm’s 50 day moving average price is $247.59 and its two-hundred day moving average price is $237.19. The stock has a market cap of $31.84 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01.

Cummins (NYSE:CMI – Get Rating) last issued its earnings results on Monday, February 6th. The company reported $4.52 EPS for the quarter, meeting analysts’ consensus estimates of $4.52. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same quarter last year, the firm posted $2.85 EPS. The business’s revenue for the quarter was up 32.8% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 18.95 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 9th. Stockholders of record on Friday, February 24th were paid a $1.57 dividend. The ex-dividend date of this dividend was Thursday, February 23rd. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.79%. Cummins’s dividend payout ratio (DPR) is currently 41.56%.

Insider Activity at Cummins

In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the completion of the transaction, the director now owns 21,742 shares in the company, valued at approximately $5,471,156.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Georgia R. Nelson sold 1,933 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total transaction of $486,420.12. Following the transaction, the director now directly owns 21,742 shares of the company’s stock, valued at $5,471,156.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 5,540 shares of the company’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $252.34, for a total transaction of $1,397,963.60. Following the completion of the transaction, the vice president now owns 16,144 shares of the company’s stock, valued at $4,073,776.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,709 shares of company stock worth $4,245,545. 1.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. UBS Group increased their target price on Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 16th. Credit Suisse Group increased their price objective on shares of Cummins from $287.00 to $291.00 and gave the stock an “outperform” rating in a report on Tuesday, February 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Cummins from $235.00 to $231.00 and set a “hold” rating for the company in a report on Tuesday, February 7th. Morgan Stanley cut their price target on shares of Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a research note on Friday, January 20th. Finally, StockNews.com assumed coverage on shares of Cummins in a research note on Thursday. They set a “buy” rating for the company. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $254.75.

About Cummins

(Get Rating)

Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.