Cullen Investment Group LTD. Purchases New Holdings in Cummins Inc. (NYSE:CMI)

Cullen Investment Group LTD. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 17,329 shares of the company’s stock, valued at approximately $4,152,000.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Norges Bank bought a new stake in shares of Cummins in the fourth quarter worth approximately $292,182,000. International Assets Investment Management LLC grew its stake in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after acquiring an additional 731,697 shares during the period. iA Global Asset Management Inc. bought a new stake in shares of Cummins in the third quarter worth approximately $71,268,000. Finally, Envestnet Asset Management Inc. grew its position in Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after buying an additional 274,927 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Daniel William Fisher purchased 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost 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 disclosure for this purchase can be found here. In the last quarter, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Performance

CMI stock traded up $1.40 during trading on Monday, reaching $300.03. The company had a trading volume of 121,539 shares, compared to its average volume of 2,895,151. The firm has a 50-day simple moving average of $275.89 and a 200-day simple moving average of $246.40. The company has a market cap of $41.03 billion, a price-to-earnings ratio of 57.91, a price-to-earnings-growth ratio of 2.03 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $4.52 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.24%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is presently 129.73%.

Wall Street Analyst Weigh In

Several equities analysts have commented on CMI shares. TD Cowen increased their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Citigroup increased their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $276.10.

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.