Bull Harbor Capital LLC Makes New Investment in Cummins Inc. $CMI

Bull Harbor Capital LLC bought a new position in Cummins Inc. (NYSE:CMI) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,146 shares of the company’s stock, valued at approximately $1,155,000.

Several other institutional investors also recently modified their holdings of CMI. Activest Wealth Management boosted its position in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its position in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the 4th quarter worth $27,000. Key Financial Inc boosted its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new position in shares of Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the transaction, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on CMI shares. Barclays raised their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Citigroup increased their target price on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. UBS Group restated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Finally, Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Stock Down 5.6%

CMI stock opened at $605.63 on Thursday. The stock has a 50-day simple moving average of $670.30 and a two-hundred day simple moving average of $621.86. Cummins Inc. has a twelve month low of $354.68 and a twelve month high of $737.76. The firm has a market capitalization of $83.57 billion, a PE ratio of 31.43, a PEG ratio of 1.56 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the firm posted $5.96 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. Cummins’s payout ratio is currently 41.52%.

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.