Payden & Rygel Purchases Shares of 23,100 Cummins Inc. $CMI

Payden & Rygel purchased a new position in Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,100 shares of the company’s stock, valued at approximately $9,757,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Motley Fool Asset Management LLC boosted its stake in Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after buying an additional 2,305 shares in the last quarter. Bailard Inc. boosted its position in shares of Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Cummins by 6.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 0.6%

Shares of CMI stock opened at $593.27 on Monday. The company has a market cap of $81.97 billion, a PE ratio of 28.91, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The stock’s 50 day simple moving average is $558.23 and its two-hundred day simple moving average is $478.72. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be given a dividend of $2.00 per share. The ex-dividend date is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s payout ratio is 38.99%.

Analyst Ratings Changes

Several analysts have commented on CMI shares. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. UBS Group set a $565.00 price objective on Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Finally, Robert W. Baird set a $580.00 price objective on Cummins in a report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Company Profile

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.