Gibraltar Capital Management Inc. Takes $708,000 Position in Cummins Inc. (NYSE:CMI)

Gibraltar Capital Management Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,957 shares of the company's stock, valued at approximately $708,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company's stock worth $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Morgan Stanley boosted its stake in Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company's stock worth $433,799,000 after buying an additional 50,476 shares in the last quarter. Northern Trust Corp increased its holdings in Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company's stock valued at $414,821,000 after buying an additional 69,830 shares during the period. Stifel Financial Corp boosted its position in shares of Cummins by 0.9% during the 3rd 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 in the last quarter. Finally, Principal Financial Group Inc. increased 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.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CMI shares. TD Cowen raised their target price on Cummins from $260.00 to $272.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 7th. UBS Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their target price for the stock from $254.00 to $321.00 in a report on Friday, March 15th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an "underweight" rating in a research report on Monday, March 25th. Morgan Stanley initiated coverage on shares of Cummins in a research report on Monday, January 8th. They issued an "overweight" rating and a $278.00 price objective for the company. Finally, TheStreet lowered Cummins from an "a-" rating to a "c+" rating in a research report on Tuesday, February 6th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $279.70.

Cummins Stock Down 3.7 %

CMI traded down $10.99 during trading on Tuesday, reaching $282.66. The company had a trading volume of 1,212,230 shares, compared to its average volume of 2,643,755. The company has a market cap of $38.66 billion, a P/E ratio of 54.57, a PEG ratio of 1.98 and a beta of 1.04. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The business's fifty day moving average price is $284.29 and its 200 day moving average price is $251.77.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins's payout ratio is 129.73%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business'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 sale, the vice president now directly owns 16,899 shares of the company's stock, valued at approximately $4,584,529.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 0.56% of the company's stock.

About Cummins

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.

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