Czech National Bank Grows Stock Position in Cummins Inc. (NYSE:CMI)

Czech National Bank boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,577 shares of the company's stock after purchasing an additional 1,833 shares during the quarter. Czech National Bank's holdings in Cummins were worth $9,897,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. JGP Wealth Management LLC raised its holdings in shares of Cummins by 2.7% in the first quarter. JGP Wealth Management LLC now owns 3,831 shares of the company's stock valued at $1,201,000 after acquiring an additional 99 shares in the last quarter. Rhumbline Advisers increased its position in Cummins by 3.9% during the 1st quarter. Rhumbline Advisers now owns 283,522 shares of the company's stock valued at $88,867,000 after purchasing an additional 10,560 shares during the period. Bowman & Co S.C. bought a new stake in shares of Cummins in the 1st quarter valued at about $761,000. Fifth Third Wealth Advisors LLC lifted its position in shares of Cummins by 34.0% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 5,017 shares of the company's stock worth $1,573,000 after purchasing an additional 1,273 shares during the period. Finally, Beese Fulmer Investment Management Inc. boosted its stake in shares of Cummins by 0.6% during the first quarter. Beese Fulmer Investment Management Inc. now owns 42,667 shares of the company's stock valued at $13,374,000 after purchasing an additional 266 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMI. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Citigroup raised their price objective on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $357.25.

Cummins Stock Performance

Cummins stock traded down $0.04 during mid-day trading on Thursday, reaching $322.80. 540,539 shares of the company traded hands, compared to its average volume of 801,045. The firm's fifty day moving average is $303.88 and its two-hundred day moving average is $339.06. The company has a market capitalization of $44.47 billion, a price-to-earnings ratio of 11.46, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

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

Cummins Announces Dividend

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

Insider Transactions at Cummins

In other news, Director John H. Stone bought 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, for a total transaction of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.41% of the company's stock.

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.