Campbell & CO Investment Adviser LLC Makes New Investment in Cummins Inc. $CMI

Campbell & CO Investment Adviser LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 8,908 shares of the company’s stock, valued at approximately $2,792,000.

Several other hedge funds have also recently made changes to their positions in the business. Fiduciary Trust Co raised its position in shares of Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock valued at $856,000 after buying an additional 28 shares in the last quarter. Bank of Jackson Hole Trust raised its position in shares of Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after buying an additional 33 shares in the last quarter. Scotia Capital Inc. raised its position in shares of Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after buying an additional 34 shares in the last quarter. Van Hulzen Asset Management LLC raised its position in shares of Cummins by 1.2% during the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after buying an additional 34 shares in the last quarter. Finally, Ascent Group LLC raised its position in shares of Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company’s stock valued at $494,000 after buying an additional 37 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $402.0750 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a market capitalization of $55.40 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.94 and a beta of 1.02. The company’s 50-day simple moving average is $355.04 and its two-hundred day simple moving average is $334.04. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.26 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. The ex-dividend date is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is currently 37.61%.

Insiders Place Their Bets

In other news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 520 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $388.13, for a total transaction of $201,827.60. Following the transaction, the vice president owned 15,130 shares in the company, valued at approximately $5,872,406.90. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,179 shares of company stock worth $9,636,871. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Morgan Stanley upped their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Citigroup increased their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $370.83.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.