Sargent Investment Group LLC Invests $1.35 Million in Cummins Inc. $CMI

Sargent Investment Group LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,645 shares of the company’s stock, valued at approximately $1,350,000.

Other hedge funds have also recently made changes to their positions in the company. Fisher Asset Management LLC lifted its stake in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC lifted its stake in shares of Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Cummins by 5.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock worth $20,610,000 after purchasing an additional 2,574 shares during the last quarter. Payden & Rygel purchased a new stake in shares of Cummins during the 3rd quarter worth $9,757,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Cummins during the 3rd quarter worth $11,129,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Cummins Trading Up 0.0%

Cummins stock opened at $659.77 on Monday. The stock has a 50-day moving average of $648.43 and a two-hundred day moving average of $583.95. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a one year low of $307.90 and a one year high of $718.08. The stock has a market cap of $91.04 billion, a PE ratio of 34.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period last year, the business posted $5.96 earnings per share. The firm’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts anticipate that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Morgan Stanley increased their price target on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Evercore reiterated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $726.14.

Cummins Company 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.