Fiduciary Trust Co. Has $383,000 Stake in Cummins Inc. (NYSE:CMI)

Fiduciary Trust Co. lifted its position in shares of Cummins Inc. (NYSE:CMIGet Rating) by 86.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,865 shares of the company’s stock after purchasing an additional 866 shares during the period. Fiduciary Trust Co.’s holdings in Cummins were worth $383,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Cummins in the fourth quarter valued at approximately $302,269,000. Castleview Partners LLC bought a new position in shares of Cummins during the 4th quarter worth approximately $2,214,000. Millennium Management LLC boosted its holdings in shares of Cummins by 85.0% during the 4th quarter. Millennium Management LLC now owns 533,192 shares of the company’s stock worth $116,311,000 after buying an additional 244,928 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Cummins during the 4th quarter worth approximately $34,793,000. Finally, American Century Companies Inc. boosted its holdings in shares of Cummins by 26.1% during the 1st quarter. American Century Companies Inc. now owns 676,172 shares of the company’s stock worth $138,690,000 after buying an additional 139,895 shares in the last quarter. 80.98% of the stock is currently owned by institutional investors.

Cummins Stock Down 1.4 %

Shares of NYSE CMI opened at $218.16 on Wednesday. Cummins Inc. has a 52 week low of $184.27 and a 52 week high of $247.48. The business has a 50-day simple moving average of $210.39 and a two-hundred day simple moving average of $205.55. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.36. The company has a market cap of $30.76 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.44 and a beta of 1.04.

Cummins (NYSE:CMIGet Rating) last issued its earnings results on Tuesday, August 2nd. The company reported $4.77 EPS for the quarter, topping the consensus estimate of $4.37 by $0.40. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.48 billion. During the same quarter last year, the company earned $4.15 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 17.59 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 19th will be issued a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.88%. This is a boost from Cummins’s previous quarterly dividend of $1.45. The ex-dividend date is Thursday, August 18th. Cummins’s dividend payout ratio (DPR) is currently 43.98%.

Insider Buying and Selling

In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the completion of the sale, the insider now owns 59,276 shares in the company, valued at approximately $13,644,149.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the completion of the sale, the insider now owns 59,276 shares in the company, valued at approximately $13,644,149.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sharon R. Barner sold 3,115 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $225.11, for a total value of $701,217.65. Following the completion of the sale, the vice president now owns 16,348 shares of the company’s stock, valued at approximately $3,680,098.28. The disclosure for this sale can be found here. Insiders sold 14,001 shares of company stock worth $3,157,774 in the last quarter. 1.05% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CMI. Morgan Stanley lowered their target price on Cummins from $205.00 to $187.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. JPMorgan Chase & Co. initiated coverage on Cummins in a research report on Thursday, August 18th. They issued a “neutral” rating for the company. Credit Suisse Group increased their price target on Cummins from $249.00 to $266.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 3rd. Finally, Sanford C. Bernstein lowered Cummins from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $238.00 to $190.00 in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $241.22.

Cummins Profile

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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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