OFI Invest Asset Management Has $30.50 Million Position in Cummins Inc. $CMI

OFI Invest Asset Management increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 14,839.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 59,758 shares of the company’s stock after acquiring an additional 59,358 shares during the period. OFI Invest Asset Management’s holdings in Cummins were worth $30,503,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its position in Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares in the last quarter. New York State Teachers Retirement System boosted its position in Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after buying an additional 2,305 shares in the last quarter. Bailard Inc. boosted its position in Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after buying an additional 4,035 shares in the last quarter. Fisher Asset Management LLC boosted its position in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Finally, Accredited Wealth Management LLC boosted its position in Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after buying an additional 3,100 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 7.1%

Shares of NYSE CMI opened at $596.51 on Thursday. Cummins Inc. has a 1-year low of $262.49 and a 1-year high of $617.98. The company has a market cap of $82.41 billion, a PE ratio of 29.07, a P/E/G ratio of 1.74 and a beta of 1.14. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $566.98 and a two-hundred day moving average of $513.51.

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

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMI. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research report on Monday, January 26th. Raymond James Financial boosted their price target on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday, February 10th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Buying and Selling

In related news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.41% of the company’s stock.

Cummins Company 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.