Intech Investment Management LLC Grows Stock Holdings in Cummins Inc. $CMI

Intech Investment Management LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 10.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,389 shares of the company’s stock after purchasing an additional 433 shares during the period. Intech Investment Management LLC’s holdings in Cummins were worth $1,437,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Motley Fool Asset Management LLC lifted its position in shares of Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the period. Applied Finance Capital Management LLC raised its stake in Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after buying an additional 7,656 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Cummins in the first quarter worth about $2,749,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after acquiring an additional 126,362 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $472.35 on Monday. The firm has a market cap of $65.20 billion, a PE ratio of 22.21, a P/E/G ratio of 2.05 and a beta of 1.07. The stock has a 50-day moving average price of $434.70 and a 200-day moving average price of $382.01. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $484.84. 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 (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating 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%. Cummins’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $5.86 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is presently 41.52%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CMI shares. Wells Fargo & Company initiated coverage on Cummins in a research report on Thursday, November 13th. They set an “overweight” rating and a $599.00 price target on the stock. Barclays raised their price objective on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 11th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $445.93.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction 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 sale, the chief executive officer directly 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,960 shares of company stock worth $15,715,060 over the last ninety days. 0.41% of the stock is currently owned by insiders.

Cummins Company 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.