Smithbridge Asset Management Inc. DE Increases Position in Cummins Inc. $CMI

Smithbridge Asset Management Inc. DE boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 39.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,632 shares of the company’s stock after acquiring an additional 1,588 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Cummins were worth $2,875,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CMI. Thompson Investment Management Inc. purchased a new stake in Cummins in the 4th quarter valued at $26,000. Activest Wealth Management grew its holdings in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the 4th quarter valued at $27,000. Ares Financial Consulting LLC purchased a new stake in Cummins in the 4th quarter valued at $29,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Cummins in the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $630.88 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a market capitalization of $87.05 billion, a P/E ratio of 32.74, a PEG ratio of 1.64 and a beta of 1.23. The company has a 50 day moving average price of $643.89 and a 200 day moving average price of $581.43. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $5.96 EPS. Equities research analysts forecast that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the transaction, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CMI shares. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Morgan Stanley increased their price target on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Barclays increased their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Argus increased their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $726.14.

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.