TIAA Trust National Association Has $1.13 Million Position in Cummins Inc. (NYSE:CMI)

Key Points

• TIAA Trust National Association increased its stake in Cummins Inc. by 50.3% in Q1, owning 3,602 shares valued at approximately $1.13 million.
• Director John H. Stone purchased 1,000 shares at an average price of $332.08, increasing his ownership by 69.40%.
• Cummins declared a quarterly dividend of $2.00 per share, marking an increase from the previous dividend of $1.82, with a yield of 2.1%.

TIAA Trust National Association raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 50.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,602 shares of the company's stock after acquiring an additional 1,205 shares during the quarter. TIAA Trust National Association's holdings in Cummins were worth $1,129,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Fiduciary Trust Co boosted its holdings in Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after purchasing an additional 28 shares during the last quarter. Bank of Jackson Hole Trust raised its position in shares of Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after acquiring an additional 33 shares in the last quarter. Ascent Group LLC increased its stake in Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after purchasing an additional 37 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in shares of Cummins by 5.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 815 shares of the company's stock worth $255,000 after buying an additional 39 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its holdings in shares of Cummins by 0.6% in the 1st quarter. Perigon Wealth Management LLC now owns 6,588 shares of the company's stock valued at $2,065,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Robert W. Baird increased their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. JPMorgan Chase & Co. upped 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. Citigroup lifted their price target on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a 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 assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $367.33.

Insider Buying and Selling

In other Cummins 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 price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director directly owned 2,441 shares of the company's stock, 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Cummins Price Performance

NYSE:CMI traded up $8.74 during trading hours on Wednesday, reaching $381.97. 1,392,860 shares of the company's stock were exchanged, compared to its average volume of 886,312. The company has a market capitalization of $52.62 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 2.01 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The business's 50-day simple moving average is $336.13 and its two-hundred day simple moving average is $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.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the firm earned $5.26 earnings per share. Cummins's revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 2.1%. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is 37.61%.

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.