Greenleaf Trust Boosts Stake in Cummins Inc. (NYSE:CMI)

Greenleaf Trust raised its position in Cummins Inc. (NYSE:CMI) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,680 shares of the company’s stock after buying an additional 787 shares during the period. Greenleaf Trust’s holdings in Cummins were worth $1,840,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Vanguard Group Inc. grew its position in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Norges Bank bought a new position in shares of Cummins during the 4th quarter valued at approximately $292,182,000. International Assets Investment Management LLC grew its position in shares of Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after acquiring an additional 731,697 shares during the period. iA Global Asset Management Inc. bought a new position in shares of Cummins during the 3rd quarter valued at approximately $71,268,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Cummins by 88.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after acquiring an additional 274,927 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.3 %

Shares of NYSE:CMI opened at $287.56 on Friday. The firm has a fifty day moving average price of $280.26 and a two-hundred day moving average price of $248.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The company has a market cap of $39.33 billion, a price-to-earnings ratio of 55.51, a PEG ratio of 1.96 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the business earned $4.52 earnings per share. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 18.31 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. TD Cowen raised their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Morgan Stanley started coverage on shares of Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $279.70.

Insider Activity

In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by corporate 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.