Intact Investment Management Inc. Has $3.88 Million Stock Position in Cummins Inc. (NYSE:CMI)

Intact Investment Management Inc. trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 14.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,200 shares of the company's stock after selling 2,800 shares during the period. Intact Investment Management Inc.'s holdings in Cummins were worth $3,881,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company's stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Morgan Stanley boosted its stake in Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company's stock valued at $433,799,000 after acquiring an additional 50,476 shares during the period. Northern Trust Corp boosted its stake in Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company's stock valued at $414,821,000 after acquiring an additional 69,830 shares during the period. Stifel Financial Corp boosted its stake in Cummins by 0.9% in the third quarter. Stifel Financial Corp now owns 1,599,531 shares of the company's stock valued at $365,430,000 after acquiring an additional 13,634 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Cummins by 28.2% in the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company's stock valued at $244,710,000 after acquiring an additional 235,372 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.2 %

Shares of NYSE CMI traded down $0.47 during mid-day trading on Friday, reaching $291.14. The company had a trading volume of 480,216 shares, compared to its average volume of 917,274. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a market capitalization of $39.82 billion, a PE ratio of 56.20, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The stock's 50 day moving average is $283.34 and its 200-day moving average is $250.92.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period last year, the company posted $4.52 earnings per share. The company's revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins's payout ratio is 129.73%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company's stock, valued at $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company's stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company's stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 over the last three months. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. TheStreet downgraded Cummins from an "a-" rating to a "c+" rating in a research note on Tuesday, February 6th. StockNews.com upgraded Cummins from a "hold" rating to a "buy" rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. increased their price objective on Cummins from $245.00 to $275.00 and gave the company an "underweight" rating in a research report on Monday, March 25th. Morgan Stanley assumed coverage on Cummins in a research report on Monday, January 8th. They set an "overweight" rating and a $278.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on Cummins from $270.00 to $306.00 and gave the company a "neutral" rating in a research report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of "Hold" and a consensus target price of $279.70.

Cummins 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.