Wedbush Securities Inc. bought a new position in Cummins Inc. (NYSE:CMI – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 993 shares of the company’s stock, valued at approximately $241,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. NorthRock Partners LLC purchased a new stake in Cummins during the 3rd quarter valued at about $222,000. CIBC Asset Management Inc increased its position in shares of Cummins by 41.3% during the third quarter. CIBC Asset Management Inc now owns 24,805 shares of the company’s stock valued at $5,048,000 after acquiring an additional 7,246 shares in the last quarter. Versor Investments LP increased its position in shares of Cummins by 3.9% during the third quarter. Versor Investments LP now owns 14,005 shares of the company’s stock valued at $2,850,000 after acquiring an additional 521 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in Cummins by 0.9% in the 4th quarter. Verdence Capital Advisors LLC now owns 7,543 shares of the company’s stock valued at $1,828,000 after acquiring an additional 67 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in Cummins during the 4th quarter valued at $419,000. 80.94% of the stock is currently owned by institutional investors.
Cummins Trading Up 0.6 %
Shares of Cummins stock opened at $235.96 on Wednesday. Cummins Inc. has a 1-year low of $184.27 and a 1-year high of $261.91. The company’s fifty day simple moving average is $239.71 and its 200-day simple moving average is $240.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.27 and a quick ratio of 0.77. The stock has a market capitalization of $33.40 billion, a PE ratio of 15.62, a P/E/G ratio of 1.36 and a beta of 1.00.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Friday, February 24th were issued a dividend of $1.57 per share. This represents a $6.28 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, February 23rd. Cummins’s dividend payout ratio is currently 41.56%.
Insiders Place Their Bets
In other news, VP Walter J. Fier sold 3,307 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total transaction of $836,637.93. Following the sale, the vice president now directly owns 8,090 shares in the company, valued at approximately $2,046,689.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 5,929 shares of Cummins stock in a transaction on Friday, February 17th. The shares were sold at an average price of $257.13, for a total value of $1,524,523.77. Following the sale, the vice president now directly owns 16,144 shares in the company, valued at approximately $4,151,106.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Walter J. Fier sold 3,307 shares of the business’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $252.99, for a total value of $836,637.93. Following the completion of the sale, the vice president now owns 8,090 shares in the company, valued at $2,046,689.10. The disclosure for this sale can be found here. Insiders sold a total of 16,709 shares of company stock worth $4,245,545 over the last three months. 1.05% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on CMI. Morgan Stanley lowered their price target on Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, January 20th. Credit Suisse Group raised their price target on shares of Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a report on Tuesday, February 7th. UBS Group lifted their price target on shares of Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 16th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Cummins from $231.00 to $227.00 and set a “hold” rating on the stock in a research report on Wednesday, April 12th. Finally, StockNews.com initiated coverage on shares of Cummins in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $254.25.
Cummins Profile
Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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