ASR Vermogensbeheer N.V. Buys New Position in Cummins Inc. (NYSE:CMI)

Key Points

• ASR Vermogensbeheer N.V. has acquired a new position in Cummins Inc., purchasing 31,348 shares valued at approximately $9.83 million during the first quarter.
• Significant institutional investment activity includes a staggering 38,220.5% increase by GAMMA Investing LLC and other increases from firms like Vanguard and Northern Trust.
• Cummins has announced a quarterly dividend of $2.00 per share, a rise from the previous dividend of $1.82, reflecting a commitment to returning value to shareholders.

ASR Vermogensbeheer N.V. purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 31,348 shares of the company's stock, valued at approximately $9,826,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after purchasing an additional 1,188,276 shares during the period. Vanguard Group Inc. increased its stake in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Northern Trust Corp lifted its position in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the period. Neuberger Berman Group LLC boosted its stake in Cummins by 57.0% in the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in Cummins by 5,553.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company's stock valued at $46,731,000 after buying an additional 131,681 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company's stock.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. Citigroup increased their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday. Barclays increased their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and increased their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Morgan Stanley boosted their price target 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 issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $367.33.

Cummins Stock Up 2.3%

Shares of NYSE CMI opened at $381.97 on Thursday. The stock has a fifty day moving average price of $337.30 and a 200 day moving average price of $331.44. The company has a current ratio of 1.64, a quick ratio of 0.81 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a market cap of $52.62 billion, a P/E ratio of 17.96, a P/E/G ratio of 2.08 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.26 earnings per share. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is 34.23%.

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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