Inceptionr LLC Makes New Investment in Cummins Inc. $CMI

Inceptionr LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 1,723 shares of the company’s stock, valued at approximately $728,000.

Several other hedge funds have also recently modified their holdings of CMI. Mirae Asset Global Investments Co. Ltd. grew 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 purchasing an additional 2,417 shares in the last quarter. New York State Teachers Retirement System increased 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 purchasing an additional 2,305 shares during the last quarter. Bailard Inc. lifted its position in shares of Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after buying an additional 4,035 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted 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 buying an additional 17,566 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.9%

Shares of CMI stock opened at $549.46 on Tuesday. The company has a market cap of $75.91 billion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. 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 $571.48 and its two-hundred day simple moving average is $492.43. 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. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.16 EPS. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Analysts Set New Price Targets

A number of analysts have issued reports on CMI shares. 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. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Citigroup boosted their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Finally, Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Insider Activity at Cummins

In other news, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction dated 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 sale, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This trade represents a 22.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock valued at $18,397,489 over the last three months. Corporate insiders own 0.41% of the company’s stock.

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.