Employees Provident Fund Board Invests $39.71 Million in Cummins Inc. $CMI

Employees Provident Fund Board bought a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 77,800 shares of the company’s stock, valued at approximately $39,713,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC boosted its holdings in shares of Cummins by 3,100.0% in the third 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 period. Payden & Rygel purchased a new position in shares of Cummins during the third quarter worth approximately $9,757,000. Jefferies Financial Group Inc. purchased a new position in shares of Cummins during the third quarter worth approximately $11,129,000. Finally, TIAA Trust National Association increased its holdings 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 acquiring an additional 31,367 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares in the company, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock valued at $9,377,684 over the last 90 days. Insiders own 0.30% of the company’s stock.

Cummins Stock Down 0.1%

Shares of Cummins stock opened at $716.50 on Friday. The company has a market cap of $98.87 billion, a P/E ratio of 37.18, a PEG ratio of 1.75 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 Inc. has a one year low of $307.90 and a one year high of $737.76. The firm has a fifty day moving average of $663.00 and a two-hundred day moving average of $590.68.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The company 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 business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $5.96 EPS. On average, analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. The ex-dividend date 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 presently 41.52%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CMI. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup lifted their price objective on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday. One equities research 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 stock. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus 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.