SIR Capital Management L.P. Invests $6.07 Million in Cummins Inc. $CMI

SIR Capital Management L.P. acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, Holdings Channel reports. The fund acquired 11,900 shares of the company’s stock, valued at approximately $6,074,000.

Several other hedge funds have also modified their holdings of CMI. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent research reports. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. Finally, Barclays increased their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $726.14.

Cummins Stock Performance

NYSE:CMI opened at $659.77 on Friday. The stock’s fifty day moving average is $648.43 and its 200 day moving average is $583.26. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The firm has a market capitalization of $91.04 billion, a PE ratio of 34.24, a PEG ratio of 1.60 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

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

Cummins Dividend Announcement

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

Insider Buying and Selling

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the transaction, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

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.