Dimensional Fund Advisors LP Increases Stock Holdings in Cummins Inc. $CMI

Dimensional Fund Advisors LP increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,537,347 shares of the company’s stock after purchasing an additional 7,372 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Cummins were worth $649,280,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new position in Cummins during the second quarter worth approximately $505,941,000. American Century Companies Inc. raised its stake in shares of Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake 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 valued at $142,777,000 after acquiring an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $559.82 on Wednesday. The company has a market cap of $77.34 billion, a PE ratio of 27.28, a PEG ratio of 1.84 and a beta of 1.12. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The company’s 50-day moving average is $568.58 and its two-hundred day moving average is $488.03.

Cummins (NYSE:CMI) last issued its 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 company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the company posted $5.16 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s payout ratio is currently 38.99%.

Insider Buying and Selling

In related news, VP Amy Rochelle Davis sold 1,864 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $586.64, for a total value of $1,093,496.96. Following the completion of the transaction, the vice president directly owned 17,827 shares in the company, valued at approximately $10,458,031.28. The trade was a 9.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the company’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 transaction, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 27,141 shares of company stock valued at $16,121,817. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CMI shares. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Robert W. Baird set a $580.00 target price on Cummins in a report on Friday, February 6th. Wall Street Zen upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Saturday. JPMorgan Chase & Co. increased their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Finally, Citigroup lifted their target price on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

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.