Temasek Holdings Private Ltd Purchases Shares of 10,235 Cummins Inc. (NYSE:CMI)

Temasek Holdings Private Ltd purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 10,235 shares of the company’s stock, valued at approximately $3,314,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its position in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Cummins by 3.7% in the 3rd quarter. Quantinno Capital Management LP now owns 45,422 shares of the company’s stock worth $14,707,000 after acquiring an additional 1,618 shares in the last quarter. Royal London Asset Management Ltd. raised its position in shares of Cummins by 2.9% in the 3rd quarter. Royal London Asset Management Ltd. now owns 56,203 shares of the company’s stock worth $18,198,000 after acquiring an additional 1,575 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Cummins in the 3rd quarter worth approximately $17,768,000. Finally, Motley Fool Asset Management LLC raised its position in shares of Cummins by 3.8% in the 3rd quarter. Motley Fool Asset Management LLC now owns 5,515 shares of the company’s stock worth $1,799,000 after acquiring an additional 201 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CMI shares. Citigroup increased their target price on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $337.67.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 in the last ninety days. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $378.93 on Friday. The company has a market cap of $51.98 billion, a price-to-earnings ratio of 25.03, a P/E/G ratio of 1.82 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $381.93. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $347.40 and its two-hundred day simple moving average is $309.68.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 EPS. Research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.92%. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Cummins 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.