IFM Investors Pty Ltd Grows Stock Position in Cummins Inc. (NYSE:CMI)

IFM Investors Pty Ltd boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 29,723 shares of the company's stock after buying an additional 2,961 shares during the period. IFM Investors Pty Ltd's holdings in Cummins were worth $9,624,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Brighton Jones LLC raised its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Cummins in the fourth quarter worth $30,000. Assetmark Inc. increased its stake in Cummins by 0.6% in the fourth quarter. Assetmark Inc. now owns 18,048 shares of the company's stock worth $6,291,000 after purchasing an additional 111 shares during the period. Proficio Capital Partners LLC purchased a new stake in Cummins in the fourth quarter worth $204,000. Finally, Aigen Investment Management LP purchased a new stake in Cummins in the fourth quarter worth $348,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Price Performance

Shares of CMI stock opened at $331.83 on Friday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock's 50-day moving average is $319.53 and its 200 day moving average is $331.67. The company has a market cap of $45.71 billion, a P/E ratio of 16.51, a PEG ratio of 2.00 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last issued 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 company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $5.08 earnings per share. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is presently 36.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CMI shares. Robert W. Baird cut their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Citigroup restated a "buy" rating and set a $360.00 price target (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Morgan Stanley raised their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, Evercore ISI cut their price target 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, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $358.08.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction 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 acquisition, the director owned 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Cummins Company 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.

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