Duality Advisers LP Makes New Investment in Cummins Inc. (NYSE:CMI)

Duality Advisers LP bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The firm bought 6,353 shares of the company’s stock, valued at approximately $1,522,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in Cummins in the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated purchased a new position in shares of Cummins during the 3rd quarter valued at $28,000. Global Wealth Strategies & Associates purchased a new stake in Cummins in the 3rd quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Cummins in the 3rd quarter valued at about $39,000. Finally, Peoples Bank KS purchased a new stake in Cummins during the third quarter valued at about $43,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 1.0 %

NYSE:CMI opened at $290.36 on Tuesday. The stock has a fifty day simple moving average of $280.93 and a 200-day simple moving average of $249.14. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The company has a market cap of $39.71 billion, a price-to-earnings ratio of 56.05, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24.

Cummins (NYSE:CMI) last issued its 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 firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.52 earnings per share. Analysts anticipate that Cummins Inc. will post 18.31 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. The Goldman Sachs Group boosted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. TD Cowen raised their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Citigroup increased their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Finally, Evercore ISI raised their price objective 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $279.70.

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.