Pinnbrook Capital Management LP Invests $3.13 Million in Cummins Inc. $CMI

Key Points

• Pinnbrook Capital Management LP acquired a new stake in Cummins (NYSE: CMI) in Q3 — 7,415 shares valued at approximately $3.13 million.
• Other institutional moves were significant, notably Boston Partners opened a new position worth about $473.47 million, and institutional investors now own 83.46% of Cummins stock.
• Insiders have been net sellers recently — executives sold a total of 31,195 shares worth roughly $18.4 million in the past 90 days, leaving insiders with about 0.41% ownership.

Pinnbrook Capital Management LP acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,415 shares of the company's stock, valued at approximately $3,132,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Perbak Capital Partners LLP acquired a new stake in shares of Cummins in the 3rd quarter valued at approximately $1,385,000. Brown Brothers Harriman & Co. grew its holdings in Cummins by 12.8% during the third quarter. Brown Brothers Harriman & Co. now owns 4,379 shares of the company's stock worth $1,850,000 after acquiring an additional 498 shares during the period. Pathstone Holdings LLC grew its holdings in Cummins by 2.1% during the third quarter. Pathstone Holdings LLC now owns 26,180 shares of the company's stock worth $11,058,000 after acquiring an additional 533 shares during the period. Boston Partners purchased a new position in Cummins in the third quarter worth $473,471,000. Finally, Walter & Keenan Wealth Management LLC IN ADV acquired a new stake in Cummins in the third quarter valued at $243,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the sale, the vice president owned 15,130 shares of the company's stock, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 in the last ninety days. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Morgan Stanley reissued an "overweight" rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Argus set a $696.00 target price on shares of Cummins in a report on Tuesday, February 10th. Raymond James Financial lifted their price target on shares of Cummins from $585.00 to $675.00 and gave the company an "outperform" rating in a research report on Monday, February 9th. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a "market perform" rating in a research note on Friday, February 6th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Cummins in a report on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $588.93.

Cummins Stock Performance

Shares of CMI opened at $535.58 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The stock has a market cap of $74.00 billion, a P/E ratio of 26.10, a PEG ratio of 1.71 and a beta of 1.12. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $574.09 and a two-hundred day moving average of $495.24.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the business earned $5.16 earnings per share. The company's quarterly revenue was up 1.1% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins's dividend payout ratio is 38.99%.

About Cummins

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.

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