Ieq Capital LLC Raises Stock Holdings in Cummins Inc. $CMI

Ieq Capital LLC increased its position in Cummins Inc. (NYSE:CMI) by 174.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,370 shares of the company’s stock after purchasing an additional 21,220 shares during the period. Ieq Capital LLC’s holdings in Cummins were worth $10,460,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Brighton Jones LLC grew its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Lido Advisors LLC boosted its holdings in Cummins by 4.3% in the fourth quarter. Lido Advisors LLC now owns 14,494 shares of the company’s stock worth $5,053,000 after acquiring an additional 597 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its stake in shares of Cummins by 129.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 56,527 shares of the company’s stock worth $19,705,000 after acquiring an additional 31,869 shares during the last quarter. Comerica Bank increased its holdings in shares of Cummins by 1.7% during the fourth quarter. Comerica Bank now owns 33,689 shares of the company’s stock valued at $11,744,000 after acquiring an additional 566 shares in the last quarter. Finally, Rehmann Capital Advisory Group raised its position in shares of Cummins by 20.2% in the 4th quarter. Rehmann Capital Advisory Group now owns 3,136 shares of the company’s stock worth $1,093,000 after purchasing an additional 528 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. This represents a 17.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,039 shares of company stock valued at $10,385,075 in the last 90 days. Insiders own 0.41% of the company’s stock.

Cummins Trading Up 0.8%

Cummins stock opened at $401.50 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The stock has a market capitalization of $55.32 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The business’s fifty day moving average is $359.93 and its 200 day moving average is $335.12.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same period last year, the firm posted $5.26 earnings per share. Cummins’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a $2.00 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. Cummins’s dividend payout ratio is currently 37.61%.

Analyst Ratings Changes

Several research firms have recently issued reports on CMI. Robert W. Baird lifted their price target on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Barclays lifted their price target on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $370.83.

About Cummins

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.