Zullo Investment Group Inc. Buys 46 Shares of Cummins Inc. $CMI

Zullo Investment Group Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 5.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 821 shares of the company’s stock after acquiring an additional 46 shares during the period. Zullo Investment Group Inc.’s holdings in Cummins were worth $269,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fox Run Management L.L.C. bought a new position in Cummins during the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC bought a new position in shares of Cummins in the 1st quarter worth approximately $440,000. Assenagon Asset Management S.A. lifted its stake in shares of Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after purchasing an additional 1,114 shares during the period. Invesco Ltd. lifted its stake in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP lifted its stake in shares of Cummins by 19.1% in the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after purchasing an additional 1,241 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $413.28 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The stock has a market cap of $56.95 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.06 and a beta of 1.04. The company’s 50 day moving average is $407.21 and its two-hundred day moving average is $349.37. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter last year, the business earned $5.26 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins’s payout ratio is 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,119 shares of company stock worth $17,674,285. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Citigroup increased their price objective on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

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.