R Squared Ltd Acquires New Holdings in Cummins Inc. $CMI

R Squared Ltd acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 840 shares of the company’s stock, valued at approximately $429,000.

Other institutional investors have also recently bought and sold shares of the company. Thompson Investment Management Inc. acquired a new position in Cummins during the fourth quarter valued at approximately $26,000. Flagship Wealth Advisors LLC acquired a new position in Cummins during the third quarter valued at approximately $28,000. Osterweis Capital Management Inc. acquired a new position in Cummins during the second quarter valued at approximately $31,000. Holos Integrated Wealth LLC acquired a new position in shares of Cummins in the fourth quarter valued at approximately $32,000. Finally, Palouse Capital Management Inc. acquired a new position in shares of Cummins in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $642.21 on Wednesday. Cummins Inc. has a 12 month low of $284.23 and a 12 month high of $665.13. The firm has a fifty day simple moving average of $578.57 and a 200 day simple moving average of $534.38. The stock has a market capitalization of $88.73 billion, a price-to-earnings ratio of 31.30, a PEG ratio of 2.09 and a beta of 1.14. 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 (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping 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 analysts’ expectations of $8.09 billion. During the same quarter in the prior year, the company posted $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 26.03 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Insider Activity

In other Cummins news, 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 transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 31,195 shares of company stock valued at $18,397,489. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Robert W. Baird set a $580.00 price target on shares of Cummins in a report on Friday, February 6th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Barclays upped their price target on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $600.27.

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.