Cummins Inc. $CMI Shares Bought by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. raised its position in Cummins Inc. (NYSE:CMI) by 9,111.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 268,523 shares of the company’s stock after buying an additional 265,608 shares during the quarter. Cummins makes up approximately 1.5% of Vaughan Nelson Investment Management L.P.’s portfolio, making the stock its 11th biggest position. Vaughan Nelson Investment Management L.P.’s holdings in Cummins were worth $144,471,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CMI. Fisher Asset Management LLC grew its holdings in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC raised its stake in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after acquiring an additional 3,100 shares during the last quarter. Payden & Rygel acquired a new stake in Cummins during the 3rd quarter worth approximately $9,757,000. Jefferies Financial Group Inc. purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $11,129,000. Finally, TIAA Trust National Association grew its stake in shares of Cummins by 836.5% in the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock valued at $14,832,000 after purchasing an additional 31,367 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares in the company, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last quarter. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $716.50 on Monday. The company has a market cap of $98.87 billion, a price-to-earnings ratio of 37.18, a price-to-earnings-growth ratio of 1.74 and a beta of 1.24. The stock has a 50 day simple moving average of $663.00 and a 200-day simple moving average of $591.35. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the business earned $5.96 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 29.44 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Citigroup increased their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Argus raised their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, Wells Fargo & Company raised their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $731.86.

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.