Chiron Investment Management LLC Purchases Shares of 601 Cummins Inc. (NYSE:CMI)

Chiron Investment Management LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, Holdings Channel reports. The fund purchased 601 shares of the company’s stock, valued at approximately $195,000.

Other large investors have also recently made changes to their positions in the company. Neo Ivy Capital Management purchased a new stake in Cummins in the third quarter valued at approximately $3,916,000. Coldstream Capital Management Inc. grew its stake in shares of Cummins by 18.1% in the third quarter. Coldstream Capital Management Inc. now owns 2,551 shares of the company’s stock valued at $843,000 after buying an additional 391 shares in the last quarter. RB Capital Management LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at $212,000. FRG Family Wealth Advisors LLC acquired a new position in Cummins during the 3rd quarter worth about $212,000. Finally, Executive Wealth Management LLC purchased a new position in Cummins during the 3rd quarter valued at about $9,538,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on CMI. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $352.85.

Cummins Price Performance

Shares of CMI opened at $377.87 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The stock has a market cap of $51.84 billion, a PE ratio of 24.96, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. The firm has a fifty day moving average price of $349.67 and a 200 day moving average price of $311.38.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $4.73 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

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.