TIAA Trust National Association Buys 31,367 Shares of Cummins Inc. $CMI

TIAA Trust National Association grew its stake in Cummins Inc. (NYSE:CMI) by 836.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,117 shares of the company’s stock after buying an additional 31,367 shares during the period. TIAA Trust National Association’s holdings in Cummins were worth $14,832,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter valued at approximately $28,000. Osterweis Capital Management Inc. bought a new stake in shares of Cummins in the 2nd quarter valued at $31,000. Guerra Advisors Inc acquired a new stake in shares of Cummins during the third quarter worth $36,000. Salomon & Ludwin LLC increased its position in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after buying an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC bought a new position in Cummins during the third quarter worth $39,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI opened at $584.37 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The stock’s 50 day moving average is $566.52 and its 200-day moving average is $484.51. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $80.74 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the previous year, the business posted $5.16 EPS. Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal 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 given a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares in the company, valued at $8,849,990.90. This represents a 22.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on CMI shares. UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Robert W. Baird set a $580.00 target price on Cummins in a report on Friday, February 6th. Finally, Morgan Stanley restated an “overweight” rating and set a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins 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.