Vanguard Group Inc. Buys 20,082 Shares of Cummins Inc. $CMI

Vanguard Group Inc. increased its position in Cummins Inc. (NYSE:CMI) by 0.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,648,231 shares of the company’s stock after buying an additional 20,082 shares during the period. Vanguard Group Inc. owned 12.81% of Cummins worth $7,454,083,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CMI. Flagship Wealth Advisors LLC purchased a new position in shares of Cummins during the 3rd quarter worth about $28,000. Salomon & Ludwin LLC lifted its stake in Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the last quarter. Guerra Advisors Inc purchased a new position in shares of Cummins during the third quarter valued at approximately $36,000. Tripletail Wealth Management LLC bought a new position in shares of Cummins during the third quarter valued at approximately $39,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the second quarter worth approximately $31,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of CMI opened at $600.30 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock has a 50-day moving average of $551.85 and a two-hundred day moving average of $472.35. The stock has a market cap of $82.94 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.90 and a beta of 1.13. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $5.16 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Buying and Selling

In other Cummins news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CMI shares. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Wells Fargo & Company lifted their price target on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Finally, UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $588.93.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.