Quent Long Short Global Small Cap Fund LP Makes New $401,000 Investment in Cummins Inc. $CMI

Quent Long Short Global Small Cap Fund LP bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 785 shares of the company’s stock, valued at approximately $401,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. acquired a new stake in Cummins during the 4th quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth $28,000. Osterweis Capital Management Inc. acquired a new stake in Cummins during the 2nd quarter worth $31,000. Holos Integrated Wealth LLC acquired a new stake in Cummins during the 4th quarter worth $32,000. Finally, Palouse Capital Management Inc. acquired a new stake in Cummins during the 4th quarter worth $33,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on CMI shares. Citigroup lifted their target price on shares of Cummins from $630.00 to $710.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Raymond James Financial upped their target price on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday, February 9th. Barclays upped their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Finally, Robert W. Baird set a $580.00 target price on Cummins in a report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $600.27.

Cummins Stock Up 0.6%

Shares of NYSE:CMI opened at $660.83 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $576.44 and a two-hundred day moving average of $529.79. The stock has a market cap of $91.30 billion, a P/E ratio of 32.20, a PEG ratio of 2.08 and a beta of 1.14. Cummins Inc. has a 52-week low of $284.23 and a 52-week high of $663.38.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the business earned $5.16 EPS. On average, research analysts expect that Cummins Inc. will post 26.03 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

About Cummins

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.