Cannon Global Investment Management LLC Purchases New Stake in Cummins Inc. (NYSE:CMI)

Cannon Global Investment Management LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,500 shares of the company’s stock, valued at approximately $359,000. Cummins accounts for 2.7% of Cannon Global Investment Management LLC’s holdings, making the stock its 18th biggest position.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. Norges Bank purchased a new stake in shares of Cummins in the fourth quarter worth about $292,182,000. International Assets Investment Management LLC lifted its holdings in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after buying an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. purchased a new stake in shares of Cummins in the third quarter worth about $71,268,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Cummins by 88.9% in the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after buying an additional 274,927 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.3 %

NYSE:CMI traded down $1.00 during trading hours on Friday, hitting $290.42. The company had a trading volume of 278,498 shares, compared to its average volume of 2,784,241. The company has a market capitalization of $39.72 billion, a PE ratio of 56.07, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The stock has a 50-day moving average price of $279.54 and a 200 day moving average price of $247.93. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $4.52 EPS. On average, equities research analysts predict that Cummins Inc. will post 18.24 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CMI shares. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Citigroup raised their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Evercore ISI increased their price target on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Finally, TD Cowen increased their price target on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $279.70.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.