PFG Investments LLC Boosts Position in Cummins Inc. (NYSE:CMI)

PFG Investments LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,316 shares of the company’s stock after purchasing an additional 51 shares during the quarter. PFG Investments LLC’s holdings in Cummins were worth $555,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. BlackRock Inc. boosted its position in shares of Cummins by 1.5% during the second quarter. BlackRock Inc. now owns 12,398,646 shares of the company’s stock valued at $3,039,652,000 after purchasing an additional 180,643 shares in the last quarter. State Street Corp boosted its holdings in Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after acquiring an additional 191,776 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after acquiring an additional 173,139 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Citigroup increased their price objective on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $271.64.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last three months. 1.05% of the stock is currently owned by company insiders.

Cummins Trading Up 1.0 %

NYSE:CMI opened at $294.69 on Thursday. Cummins Inc. has a one year low of $203.18 and a one year high of $297.11. The business has a fifty day moving average price of $260.31 and a 200-day moving average price of $240.49. The firm has a market capitalization of $41.80 billion, a price-to-earnings ratio of 56.89, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the company earned $4.52 EPS. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 18.36 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Cummins Company Profile

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.