Olympiad Research LP Makes New $314,000 Investment in Cummins Inc. $CMI

Olympiad Research LP purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 959 shares of the company’s stock, valued at approximately $314,000.

Several other institutional investors have also modified their holdings of CMI. Brighton Jones LLC lifted its position in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Stephens Inc. AR increased its stake in shares of Cummins by 37.8% in the first quarter. Stephens Inc. AR now owns 1,879 shares of the company’s stock valued at $589,000 after purchasing an additional 515 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Cummins by 19.8% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,265 shares of the company’s stock valued at $396,000 after buying an additional 209 shares during the last quarter. Wealthfront Advisers LLC boosted its position in shares of Cummins by 1.5% during the first quarter. Wealthfront Advisers LLC now owns 10,788 shares of the company’s stock worth $3,381,000 after buying an additional 161 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Cummins by 6.2% in the 1st quarter. Victory Capital Management Inc. now owns 210,922 shares of the company’s stock worth $66,111,000 after buying an additional 12,284 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CMI. Wells Fargo & Company began coverage on Cummins in a research report on Thursday. They set an “overweight” rating and a $599.00 price target for the company. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Barclays upped their price target on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Ten research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $445.93.

Insider Activity

In other news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 38,127 shares of company stock worth $16,993,030. Company insiders own 0.41% of the company’s stock.

Cummins Stock Performance

CMI opened at $467.79 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market cap of $64.45 billion, a PE ratio of 21.99, a P/E/G ratio of 2.05 and a beta of 1.07. The business has a fifty day simple moving average of $427.20 and a 200-day simple moving average of $373.79. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $484.84.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the company posted $5.86 EPS. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s payout ratio is currently 41.52%.

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.