3,597 Shares in Cummins Inc. $CMI Acquired by FCG Investment Co

Key Points

• FCG Investment Co acquired a new stake in Cummins Inc. by purchasing 3,597 shares valued at approximately $1,178,000 in the second quarter.
• Insider transactions revealed that CFO Mark Andrew Smith and VP Amy Rochelle Davis sold shares worth approximately $14.16 million collectively in the last ninety days.
• Analysts have upgraded Cummins' stock rating with Melius Research setting a new target price of $500.00, while the consensus price target is currently $393.57.

FCG Investment Co purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,597 shares of the company's stock, valued at approximately $1,178,000.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the period. Northern Trust Corp grew its position in shares of Cummins by 1.2% during the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company's stock worth $597,170,000 after purchasing an additional 22,202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cummins by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company's stock valued at $512,343,000 after purchasing an additional 8,487 shares during the period. Raymond James Financial Inc. lifted its holdings in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock worth $424,414,000 after purchasing an additional 817,384 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. The trade was a 17.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock worth $14,159,885 in the last ninety days. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, Citigroup increased their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and a consensus price target of $393.57.

Cummins Price Performance

Shares of CMI opened at $413.99 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company's fifty day moving average price is $392.70 and its 200-day moving average price is $341.63. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $432.50. The firm has a market capitalization of $57.04 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm's revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.26 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins's dividend payout ratio is currently 37.61%.

Cummins Company 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.

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