Cim LLC Takes $1.53 Million Position in Cummins Inc. (NYSE:CMI)

Cim LLC purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,395 shares of the company's stock, valued at approximately $1,532,000.

Several other hedge funds also recently modified their holdings of CMI. Vanguard Group Inc. lifted its stake in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after acquiring an additional 84,112 shares during the last quarter. Fisher Asset Management LLC boosted its position in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after buying an additional 66,887 shares during the period. Northern Trust Corp increased its holdings in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cummins by 6.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock valued at $566,856,000 after acquiring an additional 99,009 shares during the period. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CMI shares. Citigroup increased their target price on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of "Hold" and a consensus target price of $357.25.

Insider Transactions at Cummins

In other news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of NYSE CMI traded up $1.61 during mid-day trading on Thursday, reaching $324.65. 584,456 shares of the company traded hands, compared to its average volume of 802,494. The firm has a market cap of $44.72 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock has a fifty day simple moving average of $304.23 and a 200-day simple moving average of $340.41.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.08 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

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.