3,279 Shares in Cummins Inc. $CMI Acquired by Perbak Capital Partners LLP

Perbak Capital Partners LLP bought a new position in shares of Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,279 shares of the company’s stock, valued at approximately $1,385,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Norges Bank acquired a new stake in shares of Cummins in the second quarter valued at $505,941,000. Boston Partners purchased a new position in Cummins in the third quarter valued at $473,471,000. American Century Companies Inc. grew its stake in Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its holdings in Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after purchasing an additional 427,670 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. UBS Group set a $565.00 target price on shares of Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday, February 10th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins Price Performance

Shares of NYSE CMI opened at $535.58 on Friday. The stock’s 50-day simple moving average is $574.09 and its 200-day simple moving average is $495.24. The firm has a market capitalization of $74.00 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $5.16 earnings per share. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Transactions at Cummins

In related news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This trade represents a 18.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.41% of the company’s stock.

Cummins 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.