Nuveen Asset Management LLC Buys 87,505 Shares of Cummins Inc. (NYSE:CMI)

Nuveen Asset Management LLC grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 29.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 385,475 shares of the company's stock after purchasing an additional 87,505 shares during the quarter. Nuveen Asset Management LLC owned about 0.28% of Cummins worth $134,377,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mubadala Investment Co PJSC purchased a new stake in shares of Cummins during the fourth quarter valued at $3,903,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cummins by 80.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,928 shares of the company's stock valued at $18,102,000 after buying an additional 23,078 shares during the last quarter. MJP Associates Inc. ADV grew its holdings in shares of Cummins by 132.4% during the fourth quarter. MJP Associates Inc. ADV now owns 1,441 shares of the company's stock valued at $502,000 after buying an additional 821 shares during the last quarter. LMR Partners LLP grew its holdings in shares of Cummins by 194.2% during the fourth quarter. LMR Partners LLP now owns 3,021 shares of the company's stock valued at $1,053,000 after buying an additional 1,994 shares during the last quarter. Finally, Logan Capital Management Inc. grew its holdings in shares of Cummins by 1.1% during the fourth quarter. Logan Capital Management Inc. now owns 18,162 shares of the company's stock valued at $6,331,000 after buying an additional 196 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI traded down $5.18 during midday trading on Tuesday, reaching $331.47. The stock had a trading volume of 836,035 shares, compared to its average volume of 806,511. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The firm's fifty day simple moving average is $304.17 and its 200-day simple moving average is $341.58. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a market capitalization of $45.66 billion, a P/E ratio of 11.77, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the firm posted $5.08 EPS. The firm's quarterly revenue was down 2.7% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMI. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and decreased their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Robert W. Baird decreased their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $352.17.

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.