Cummins Inc. $CMI Shares Acquired by R Squared Ltd

R Squared Ltd boosted its holdings in Cummins Inc. (NYSE:CMI) by 108.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,751 shares of the company’s stock after purchasing an additional 911 shares during the period. R Squared Ltd’s holdings in Cummins were worth $942,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Nicolet Advisory Services LLC raised its position in shares of Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC grew its position in shares of Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after buying an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC increased its stake in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after buying an additional 18 shares during the last quarter. Financial Consulate Inc. increased its stake in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after buying an additional 18 shares during the last quarter. Finally, ICW Investment Advisors LLC raised its holdings in Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CMI shares. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Argus upped their target price on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Finally, Barclays upped their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One investment 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’s stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $738.00.

Cummins Stock Performance

CMI stock traded down $29.31 during midday trading on Tuesday, reaching $648.93. The company had a trading volume of 250,406 shares, compared to its average volume of 964,622. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average price of $677.56 and a 200 day moving average price of $604.21. The firm has a market capitalization of $89.55 billion, a PE ratio of 33.69, a P/E/G ratio of 1.62 and a beta of 1.22. Cummins Inc. has a fifty-two week low of $328.02 and a fifty-two week high of $737.76.

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 the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $5.96 EPS. Analysts anticipate that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued 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 1.2%. Cummins’s payout ratio is 41.52%.

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.