Cummins Inc. $CMI Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its position in Cummins Inc. (NYSE:CMI) by 59.0% during the 4th quarter, HoldingsChannel reports. The firm owned 35,458 shares of the company’s stock after buying an additional 13,157 shares during the quarter. CIBC Asset Management Inc’s holdings in Cummins were worth $18,100,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Frank Rimerman Advisors LLC boosted its position in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after buying an additional 18 shares during the period. Financial Consulate Inc. grew its stake in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares in the last quarter. ICW Investment Advisors LLC increased its holdings in shares of Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares during the period. Gilbert & Cook Inc. increased its holdings in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after purchasing an additional 19 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its stake in shares of Cummins by 2.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock valued at $501,000 after purchasing an additional 20 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CMI shares. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Citigroup boosted their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $705.79.

Cummins Price Performance

NYSE:CMI opened at $677.76 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business’s 50-day moving average price is $633.79 and its 200 day moving average price is $576.06. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The firm has a market cap of $93.52 billion, a P/E ratio of 35.17, a PEG ratio of 1.67 and a beta of 1.23.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the company earned $5.96 EPS. Cummins’s revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio is currently 41.52%.

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.