Cummins Inc. (NYSE:CMI) Shares Bought by BerganKDV Wealth Management LLC

BerganKDV Wealth Management LLC raised its stake in Cummins Inc. (NYSE:CMI – Get Rating) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,084 shares of the company’s stock after acquiring an additional 2,107 shares during the quarter. BerganKDV Wealth Management LLC’s holdings in Cummins were worth $5,760,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank acquired a new position in Cummins in the fourth quarter valued at $302,269,000. Castleview Partners LLC acquired a new position in Cummins in the fourth quarter valued at $2,214,000. First Trust Advisors LP increased its stake in Cummins by 28.8% in the fourth quarter. First Trust Advisors LP now owns 1,180,910 shares of the company’s stock valued at $257,604,000 after purchasing an additional 264,096 shares during the last quarter. Millennium Management LLC increased its stake in Cummins by 85.0% in the fourth quarter. Millennium Management LLC now owns 533,192 shares of the company’s stock valued at $116,311,000 after purchasing an additional 244,928 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Cummins in the fourth quarter valued at $34,793,000. 80.50% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.2 %

NYSE CMI traded up $0.48 on Friday, hitting $220.02. 658,315 shares of the stock traded hands, compared to its average volume of 1,047,535. The stock has a 50-day moving average of $203.15 and a 200 day moving average of $205.68. Cummins Inc. has a twelve month low of $184.27 and a twelve month high of $247.48. The company has a market capitalization of $31.02 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 1.41 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.07 and a debt-to-equity ratio of 0.36.

Cummins (NYSE:CMI – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $4.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.35 by $0.59. The firm had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.48 billion. Cummins had a return on equity of 23.41% and a net margin of 8.26%. Cummins’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.15 earnings per share. As a group, analysts expect that Cummins Inc. will post 17.59 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 19th will be paid a dividend of $1.57 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.45. This represents a $6.28 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Thursday, August 18th. Cummins’s dividend payout ratio (DPR) is presently 40.62%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,750 shares of the firm’s stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $205.00, for a total transaction of $973,750.00. Following the completion of the sale, the vice president now directly owns 16,348 shares of the company’s stock, valued at approximately $3,351,340. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 4,750 shares of the firm’s stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $205.00, for a total value of $973,750.00. Following the completion of the sale, the vice president now owns 16,348 shares of the company’s stock, valued at $3,351,340. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Franklin R. Changdiaz sold 1,560 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $199.62, for a total value of $311,407.20. Following the completion of the sale, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $966,560.04. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CMI shares. Credit Suisse Group upped their price target on Cummins from $249.00 to $266.00 and gave the stock an “outperform” rating in a research note on Wednesday. Morgan Stanley dropped their price target on Cummins from $205.00 to $187.00 and set an “equal weight” rating for the company in a research note on Monday, July 18th. Deutsche Bank Aktiengesellschaft dropped their price target on Cummins from $232.00 to $216.00 and set a “hold” rating for the company in a research note on Wednesday, July 13th. Cowen decreased their target price on Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Finally, Sanford C. Bernstein downgraded Cummins from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $238.00 to $190.00 in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $235.60.

Cummins Company Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.