3,000 Shares in Cummins Inc. $CMI Acquired by OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• OCONNOR, a distinct business unit of UBS Asset Management Americas, opened a new position in Cummins during the fourth quarter, buying 3,000 shares valued at about $1.53 million.
• Cummins reported strong quarterly results, posting EPS of $6.15 versus estimates of $5.63 and revenue of $8.40 billion, which also topped expectations.
• The company continues to see bullish analyst support and pays a quarterly dividend of $2.00 per share, equal to an annualized yield of about 1.1%.

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,000 shares of the company's stock, valued at approximately $1,531,000.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the period. Accredited Wealth Management LLC boosted its position in shares of Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock valued at $1,352,000 after purchasing an additional 3,100 shares during the period. Payden & Rygel purchased a new position in Cummins in the 3rd quarter worth about $9,757,000. Jefferies Financial Group Inc. purchased a new position in Cummins in the 3rd quarter worth about $11,129,000. Finally, TIAA Trust National Association raised its holdings in Cummins by 836.5% during the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company's stock worth $14,832,000 after buying an additional 31,367 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company's stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last three months. 0.30% of the stock is currently owned by insiders.

Cummins Stock Down 0.1%

Shares of Cummins stock opened at $716.50 on Friday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76. The company has a market cap of $98.87 billion, a P/E ratio of 37.18, a P/E/G ratio of 1.75 and a beta of 1.23. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $663.00 and a 200 day moving average price of $590.68.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.96 EPS. As a group, analysts expect that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins's payout ratio is presently 41.52%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CMI. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Evercore restated an "outperform" rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Raymond James Financial raised their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. Finally, Sanford C. Bernstein reiterated a "market perform" rating on shares of Cummins in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $731.86.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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