Waratah Capital Advisors Ltd. Purchases New Position in Cummins Inc. $CMI

Waratah Capital Advisors Ltd. acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 3rd quarter, Holdings Channel reports. The fund acquired 28,019 shares of the company’s stock, valued at approximately $11,834,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Motley Fool Asset Management LLC lifted its stake in Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System lifted its stake in shares of Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. lifted its stake in shares of Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction dated 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 owned 34,243 shares in the company, valued at $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. Insiders have sold 25,541 shares of company stock worth $15,161,609 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on CMI shares. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Raymond James Financial upped their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Citigroup raised their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a research report on Monday, January 26th. Finally, Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Cummins Stock Up 2.1%

NYSE:CMI opened at $599.52 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The company has a 50-day moving average of $561.29 and a 200 day moving average of $481.63. The firm has a market cap of $82.83 billion, a PE ratio of 29.22, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s payout ratio is 38.99%.

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.