DiNuzzo Private Wealth Inc. Invests $31,000 in Cummins Inc. (NYSE:CMI)

DiNuzzo Private Wealth Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 128 shares of the company’s stock, valued at approximately $31,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Morgan Stanley boosted its position in shares of Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after buying an additional 50,476 shares in the last quarter. Northern Trust Corp boosted its position in shares of Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after buying an additional 69,830 shares in the last quarter. Stifel Financial Corp boosted its position in shares of Cummins by 0.9% in the 3rd quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock worth $365,430,000 after buying an additional 13,634 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Cummins by 28.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after buying an additional 235,372 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CMI shares. TD Cowen boosted 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. Evercore ISI upped their target price on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Finally, Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $243.00 to $225.00 in a report on Friday, January 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $279.70.

Insider Activity

In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last three months, insiders sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by insiders.

Cummins Stock Up 0.5 %

CMI opened at $283.85 on Thursday. The firm has a 50 day moving average price of $284.71 and a 200 day moving average price of $251.99. The company has a market cap of $38.82 billion, a PE ratio of 54.80, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company posted $4.52 EPS. Sell-side analysts expect that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Cummins 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.