SG Americas Securities LLC Buys 530,812 Shares of Cummins Inc. $CMI

SG Americas Securities LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 257.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 736,670 shares of the company’s stock after purchasing an additional 530,812 shares during the period. SG Americas Securities LLC owned approximately 0.53% of Cummins worth $396,343,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC boosted its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its position in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new position in shares of Cummins in the 2nd quarter worth $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins in the 2nd quarter worth $31,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $716.50 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $98.87 billion, a PE ratio of 37.18, a price-to-earnings-growth ratio of 1.74 and a beta of 1.24. The stock’s fifty day simple moving average is $663.00 and its two-hundred day simple moving average is $591.35. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the business posted $5.96 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 29.44 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Morgan Stanley upped their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Wells Fargo & Company raised their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Transactions at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

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.