Patton Fund Management Inc. Buys 6,791 Shares of Cummins Inc. $CMI

Key Points

• Patton Fund Management sharply increased its stake in Cummins during the first quarter, buying 6,791 additional shares and lifting its holdings to 7,242 shares valued at about $3.9 million.
• Wall Street sentiment remains generally positive: Cummins carries a Moderate Buy consensus, with several firms raising price targets, and the average analyst target stands at $731.86.
• Cummins reported better-than-expected quarterly results, including EPS of $6.15 versus $5.63 expected, and also declared a $2.00 quarterly dividend that annualizes to $8.00 per share.

Patton Fund Management Inc. boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 1,505.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,242 shares of the company's stock after acquiring an additional 6,791 shares during the quarter. Patton Fund Management Inc.'s holdings in Cummins were worth $3,896,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Nicolet Advisory Services LLC raised its holdings in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its stake in Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after buying an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC grew its position in Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company's stock valued at $1,908,000 after acquiring an additional 18 shares during the last quarter. Financial Consulate Inc. grew its position in Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company's stock valued at $64,000 after acquiring an additional 18 shares during the last quarter. Finally, ICW Investment Advisors LLC raised its stake in shares of Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock worth $369,000 after acquiring an additional 18 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Evercore reissued an "outperform" rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen cut Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Cummins has an average rating of "Moderate Buy" and a consensus target price of $731.86.

Insider Buying and Selling

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last quarter. 0.30% of the stock is currently owned by insiders.

Cummins Price Performance

Shares of Cummins stock opened at $686.26 on Monday. The business has a 50 day moving average of $672.37 and a 200 day moving average of $598.34. Cummins Inc. has a 52 week low of $322.45 and a 52 week high of $737.76. The company has a market cap of $94.70 billion, a PE ratio of 35.61, a P/E/G ratio of 1.68 and a beta of 1.24. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. The company's quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins's dividend payout ratio is presently 41.52%.

Cummins 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.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

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.