DAVENPORT & Co LLC Has $8.78 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

DAVENPORT & Co LLC raised its holdings in Cummins Inc. (NYSE:CMIFree Report) by 1.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 36,640 shares of the company’s stock after acquiring an additional 446 shares during the quarter. DAVENPORT & Co LLC’s holdings in Cummins were worth $8,778,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Balentine LLC increased its stake in shares of Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new stake in shares of Cummins in the third quarter valued at approximately $9,048,000. SG Americas Securities LLC boosted its stake in shares of Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after acquiring an additional 16,869 shares during the period. Eldred Rock Partners LLC bought a new stake in Cummins in the 4th quarter valued at $7,195,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Cummins by 4.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 223,307 shares of the company’s stock valued at $53,498,000 after purchasing an additional 9,564 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $294.67 on Thursday. The stock has a market capitalization of $41.80 billion, a PE ratio of 56.89, a PEG ratio of 2.00 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $297.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The business’s 50 day simple moving average is $266.49 and its 200 day simple moving average is $242.60.

Cummins (NYSE:CMIGet Free Report) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.52 EPS. As a group, research analysts forecast that Cummins Inc. will post 18.36 earnings per share for the current year.

Cummins Announces Dividend

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

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on 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 filing with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction 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 in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last quarter. Company insiders own 1.05% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CMI. TD Cowen raised their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $271.64.

Read Our Latest Stock Report on Cummins

About Cummins

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMIFree Report).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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