DekaBank Deutsche Girozentrale Acquires 16,140 Shares of Cummins Inc. (NYSE:CMI)

DekaBank Deutsche Girozentrale lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 5.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 316,646 shares of the company's stock after buying an additional 16,140 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.23% of Cummins worth $97,828,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Brighton Jones LLC raised its position in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Cummins in the 4th quarter worth approximately $30,000. Proficio Capital Partners LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $204,000. Dorsey & Whitney Trust CO LLC grew its stake in shares of Cummins by 4.8% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 1,411 shares of the company's stock worth $492,000 after purchasing an additional 65 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Cummins in the 4th quarter worth approximately $44,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent research reports. Evercore ISI lowered their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Citigroup reaffirmed a "buy" rating and issued a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Morgan Stanley lifted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of "Hold" and a consensus price target of $361.42.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.41% of the company's stock.

Cummins Trading Down 0.4%

NYSE CMI traded down $1.28 during trading hours on Friday, hitting $338.75. The company's stock had a trading volume of 632,089 shares, compared to its average volume of 775,520. The stock has a fifty day moving average of $323.43 and a 200 day moving average of $331.08. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $46.66 billion, a P/E ratio of 16.85, a PEG ratio of 2.05 and a beta of 1.03. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the business posted $5.08 earnings per share. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is currently 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.