Virtus Advisers LLC Buys New Holdings in Cummins Inc. $CMI

Virtus Advisers LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, HoldingsChannel.com reports. The firm purchased 205 shares of the company’s stock, valued at approximately $67,000.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Brighton Jones LLC increased its position in 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 purchasing an additional 83 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Cummins during the first quarter valued at approximately $575,000. Harbour Investments Inc. grew its stake in Cummins by 6.0% during the first quarter. Harbour Investments Inc. now owns 1,826 shares of the company’s stock worth $572,000 after buying an additional 103 shares during the period. Baker Avenue Asset Management LP acquired a new stake in shares of Cummins in the first quarter worth $250,000. Finally, TIAA Trust National Association increased its position in shares of Cummins by 50.3% in the first quarter. TIAA Trust National Association now owns 3,602 shares of the company’s stock worth $1,129,000 after acquiring an additional 1,205 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CMI. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Twelve analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $476.75.

Insider Activity

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 36,410 shares of company stock worth $16,424,574. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Cummins stock opened at $496.55 on Tuesday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $501.47. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a market cap of $68.54 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The stock has a 50 day moving average of $443.69 and a 200-day moving average of $389.21.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.86 earnings per share. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.