Cummins Inc. (NYSE:CMI) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 2.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 855,396 shares of the company’s stock after acquiring an additional 24,251 shares during the period. Charles Schwab Investment Management Inc. owned about 0.60% of Cummins worth $204,927,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Vanguard Group Inc. increased its stake 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 worth $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Fisher Asset Management LLC increased its position in shares of Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after acquiring an additional 106,017 shares in the last quarter. Morgan Stanley grew its holdings in Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after purchasing an additional 50,476 shares in the last quarter. Northern Trust Corp grew its holdings in Cummins by 4.0% during the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after acquiring an additional 69,830 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in Cummins by 0.9% during the 3rd quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock worth $365,430,000 after acquiring an additional 13,634 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.7 %

CMI stock opened at $288.97 on Thursday. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a market capitalization of $39.53 billion, a price-to-earnings ratio of 21.15, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The firm’s 50-day moving average is $286.11 and its two-hundred day moving average is $253.84. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last released 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). The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted $4.52 earnings per share. On average, analysts forecast that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm 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 of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.33%. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CMI. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Evercore ISI lifted their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, TD Cowen lifted their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $282.55.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. Insiders have sold a total of 55,169 shares of company stock valued at $14,689,855 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

About Cummins

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.