Cummins Inc. (NYSE:CMI) Shares Acquired by Wedmont Private Capital

Wedmont Private Capital grew its position in Cummins Inc. (NYSE:CMIFree Report) by 3.5% during the first quarter, Holdings Channel.com reports. The firm owned 1,400 shares of the company’s stock after acquiring an additional 47 shares during the period. Wedmont Private Capital’s holdings in Cummins were worth $400,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC raised its stake in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC raised its stake in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after acquiring an additional 66,887 shares in the last quarter. Northern Trust Corp raised its stake in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cummins by 6.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock worth $566,856,000 after acquiring an additional 99,009 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CMI shares. Robert W. Baird cut their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley lifted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and cut their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $357.25.

Get Our Latest Research Report on Cummins

Insider Activity

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Cummins Trading Up 0.4%

Shares of Cummins stock opened at $327.08 on Wednesday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market capitalization of $45.06 billion, a P/E ratio of 11.61, a PEG ratio of 2.19 and a beta of 1.04. The company’s fifty day moving average is $305.05 and its two-hundred day moving average is $337.76.

Cummins (NYSE:CMIGet Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period last year, the firm posted $5.08 EPS. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

Cummins Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMIFree Report).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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