Apella Capital LLC Buys New Stake in Cummins Inc. (NYSE:CMI)

Apella Capital LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,266 shares of the company's stock, valued at approximately $375,000.

Other hedge funds also recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after purchasing an additional 67,266 shares during the last quarter. Fayez Sarofim & Co grew its holdings in shares of Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after purchasing an additional 3,440 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after purchasing an additional 6,107 shares during the last quarter. Finally, Heritage Trust Co purchased a new position in shares of Cummins during the fourth quarter worth about $1,422,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.41% of the stock is owned by insiders.

Cummins Price Performance

Shares of NYSE:CMI opened at $322.80 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company has a market cap of $44.47 billion, a P/E ratio of 11.46, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a 50-day moving average price of $304.08 and a 200 day moving average price of $338.78.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. Cummins's payout ratio is currently 36.22%.

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Citigroup increased their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird decreased their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and an average target price of $357.25.

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.

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