North Dakota State Investment Board Invests $2.41 Million in Cummins Inc. $CMI

Key Points

• North Dakota State Investment Board opened a new position in Cummins during the fourth quarter, buying 4,719 shares worth about $2.41 million.
• Cummins reported better-than-expected quarterly results, posting EPS of $6.15 versus estimates of $5.63 and revenue of $8.40 billion, up 2.7% year over year.
• The company also announced a quarterly dividend of $2.00 per share, payable June 4, which annualizes to $8.00 per share and a yield of about 1.2%.

North Dakota State Investment Board bought a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,719 shares of the company's stock, valued at approximately $2,409,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new position in shares of Cummins in the fourth quarter worth approximately $107,000. Eubel Brady & Suttman Asset Management Inc. bought a new position in shares of Cummins in the fourth quarter worth approximately $204,000. Abacus Wealth Partners LLC bought a new position in shares of Cummins in the fourth quarter worth approximately $622,000. Soltis Investment Advisors LLC grew its holdings in shares of Cummins by 14.4% in the fourth quarter. Soltis Investment Advisors LLC now owns 1,127 shares of the company's stock worth $575,000 after purchasing an additional 142 shares during the last quarter. Finally, Ranch Capital Advisors Inc. grew its holdings in shares of Cummins by 4.1% in the fourth quarter. Ranch Capital Advisors Inc. now owns 6,079 shares of the company's stock worth $3,103,000 after purchasing an additional 242 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock opened at $677.20 on Tuesday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $93.45 billion, a P/E ratio of 35.14, a P/E/G ratio of 1.76 and a beta of 1.27. The business has a fifty day simple moving average of $603.93 and a two-hundred day simple moving average of $557.42. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company's revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.96 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wall Street Zen lowered Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Morgan Stanley raised their price target on Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. UBS Group set a $565.00 price target on Cummins and gave the stock a "neutral" rating in a research note on Friday, February 6th. Finally, Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cummins currently has an average rating of "Moderate Buy" and a consensus price target of $677.87.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the firm's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company's stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company's stock, valued at $8,873,101.38. This represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 22,397 shares of company stock valued at $14,465,833. Company insiders own 0.30% of the company's stock.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.