Cummins Inc. $CMI Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 59.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 35,458 shares of the company's stock after buying an additional 13,157 shares during the period. CIBC Asset Management Inc's holdings in Cummins were worth $18,100,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new stake in shares of Cummins during the fourth quarter valued at about $863,441,000. Boston Partners acquired a new stake in shares of Cummins during the third quarter valued at about $473,471,000. London Co. of Virginia purchased a new stake in shares of Cummins during the third quarter worth about $231,732,000. Finally, Nordea Investment Management AB lifted its stake in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company's stock worth $280,397,000 after acquiring an additional 278,350 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMI shares. Weiss Ratings lowered Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Cummins in a research report on Friday, May 22nd. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research report on Monday. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $705.79.

Cummins Price Performance

Shares of NYSE CMI opened at $677.76 on Friday. 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 company has a market capitalization of $93.52 billion, a price-to-earnings ratio of 35.17, a price-to-earnings-growth ratio of 1.67 and a beta of 1.23. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The business has a 50 day simple moving average of $633.79 and a 200-day simple moving average of $576.06.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company posted $5.96 earnings per share. The firm's revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts expect that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins's payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In other news, EVP Bonnie J. Fetch sold 652 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares of the company's stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by company insiders.

About Cummins

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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