Titan Investment Solutions Ltd Makes New $6.12 Million Investment in Cummins Inc. $CMI

Key Points

• Titan Investment Solutions disclosed a new position in Cummins, buying 11,998 shares valued at about $6.12 million in the fourth quarter.
• Institutional interest remains strong, with hedge funds and other large investors owning 83.46% of Cummins shares; several firms also increased their stakes during the quarter.
• Cummins posted better-than-expected quarterly results, including EPS of $6.15 versus $5.63 expected, and the company also paid a $2.00 quarterly dividend that equates to an annualized yield of 1.2%.

Titan Investment Solutions Ltd purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,998 shares of the company's stock, valued at approximately $6,124,000.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock valued at $1,822,534,000 after acquiring an additional 35,286 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock valued at $1,741,004,000 after acquiring an additional 43,722 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Cummins in the 4th quarter valued at about $863,441,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares of the company's stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock worth $9,377,684 in the last ninety days. Company insiders own 0.30% of the company's stock.

Cummins Stock Up 0.6%

Cummins stock opened at $659.77 on Friday. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The stock has a 50 day moving average of $648.43 and a two-hundred day moving average of $583.26. 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 stock has a market capitalization of $91.04 billion, a price-to-earnings ratio of 34.24, a PEG ratio of 1.60 and a beta of 1.23.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. During the same period last year, the firm earned $5.96 EPS. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. 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 (DPR) is presently 41.52%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. JPMorgan Chase & Co. increased their price objective on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Zacks Research raised Cummins from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Morgan Stanley upped their target price on Cummins from $675.00 to $752.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their target price on Cummins from $693.00 to $794.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $726.14.

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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