Donaldson Capital Management LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Donaldson Capital Management LLC grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,318 shares of the company's stock after acquiring an additional 1,806 shares during the period. Donaldson Capital Management LLC's holdings in Cummins were worth $4,488,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CMI. Signaturefd LLC raised its holdings in Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after acquiring an additional 28 shares in the last quarter. Fiduciary Trust Co raised its holdings in Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after acquiring an additional 28 shares in the last quarter. Avestar Capital LLC raised its holdings in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company's stock valued at $344,000 after acquiring an additional 31 shares in the last quarter. Quent Capital LLC raised its holdings in Cummins by 5.6% in the 4th quarter. Quent Capital LLC now owns 620 shares of the company's stock valued at $216,000 after acquiring an additional 33 shares in the last quarter. Finally, Sapient Capital LLC raised its holdings in Cummins by 0.3% in the 4th quarter. Sapient Capital LLC now owns 13,127 shares of the company's stock valued at $4,576,000 after acquiring an additional 34 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Shares of NYSE CMI traded down $5.55 during midday trading on Friday, reaching $319.19. The company's stock had a trading volume of 553,606 shares, compared to its average volume of 794,318. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The business's 50 day moving average price is $308.02 and its two-hundred day moving average price is $336.91. The company has a market cap of $43.97 billion, a P/E ratio of 11.33, a P/E/G ratio of 2.19 and a beta of 1.04.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.28%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Transactions at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were 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 now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CMI. JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley upped their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Evercore ISI lowered their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $357.25.

About Cummins

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.