Cummins Inc. $CMI Shares Acquired by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 11,102 shares of the company’s stock after purchasing an additional 1,134 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Cummins were worth $4,689,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC raised its holdings in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the period. Wedbush Securities Inc. lifted its position in shares of Cummins by 5.7% in the 2nd quarter. Wedbush Securities Inc. now owns 1,518 shares of the company’s stock valued at $497,000 after acquiring an additional 82 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Cummins by 13.0% in the 2nd quarter. Penserra Capital Management LLC now owns 756 shares of the company’s stock worth $246,000 after purchasing an additional 87 shares during the period. Finally, Prospera Financial Services Inc grew its position in Cummins by 36.8% during the 2nd quarter. Prospera Financial Services Inc now owns 4,412 shares of the company’s stock worth $1,447,000 after purchasing an additional 1,188 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $556.26 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a market capitalization of $76.85 billion, a P/E ratio of 27.11, a P/E/G ratio of 1.77 and a beta of 1.12. The business has a 50-day moving average of $573.25 and a two-hundred day moving average of $493.96. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s payout ratio is 38.99%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Barclays upped their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Citigroup upped 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. Finally, Argus set a $696.00 price objective on Cummins in a research report on Tuesday, February 10th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Transactions at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares in the company, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the sale, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is currently owned by company insiders.

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.