Banque Cantonale Vaudoise Makes New Investment in Cummins Inc. (NYSE:CMI)

Banque Cantonale Vaudoise acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,908 shares of the company's stock, valued at approximately $4,047,000.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the last quarter. Summit Financial LLC boosted its stake in Cummins by 11.8% during the fourth quarter. Summit Financial LLC now owns 1,001 shares of the company's stock valued at $349,000 after buying an additional 106 shares during the last quarter. B. Metzler seel. Sohn & Co. AG boosted its stake in Cummins by 3.7% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 15,633 shares of the company's stock valued at $5,450,000 after buying an additional 552 shares during the last quarter. Finally, HighPoint Advisor Group LLC lifted its stake in shares of Cummins by 4.4% in the 4th quarter. HighPoint Advisor Group LLC now owns 3,755 shares of the company's stock valued at $1,399,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Robert W. Baird raised their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Evercore ISI decreased their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Finally, Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $361.92.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Down 0.2%

CMI stock traded down $0.56 on Wednesday, hitting $365.78. 916,565 shares of the company's stock were exchanged, compared to its average volume of 884,997. The firm has a 50 day moving average price of $331.76 and a two-hundred day moving average price of $331.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a market cap of $50.39 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the previous year, the firm posted $5.08 EPS. The firm's revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 36.22%.

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.