Cummins Inc. (NYSE:CMI) Shares Purchased by Intellectus Partners LLC

Intellectus Partners LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,913 shares of the company’s stock after acquiring an additional 110 shares during the quarter. Intellectus Partners LLC’s holdings in Cummins were worth $698,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in CMI. OFI Invest Asset Management acquired a new position in Cummins in the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins in the 3rd quarter valued at $28,000. Global Wealth Strategies & Associates purchased a new stake in Cummins during the third quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Cummins during the third quarter valued at $39,000. Finally, Peoples Bank KS acquired a new stake in shares of Cummins during the 3rd quarter valued at about $43,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.2 %

Shares of NYSE:CMI opened at $291.14 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The stock has a market cap of $39.82 billion, a price-to-earnings ratio of 56.20, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The firm’s 50 day moving average price is $283.34 and its 200 day moving average price is $250.92.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the firm posted $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a dividend of $1.68 per share. 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 payout ratio is 129.73%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the 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 transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock valued at $13,576,838 over the last three months. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research analyst reports. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. The Goldman Sachs Group raised their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. TD Cowen lifted their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Finally, Citigroup upped their price objective on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $279.70.

About Cummins

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.