Bailard Inc. Raises Stock Position in Cummins Inc. (NYSE:CMI)

Bailard Inc. increased its stake in Cummins Inc. (NYSE:CMI) by 2.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,489 shares of the company’s stock after acquiring an additional 1,137 shares during the quarter. Bailard Inc.’s holdings in Cummins were worth $13,054,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. grew its holdings in shares of Cummins by 4.3% during the fourth quarter. Atria Wealth Solutions Inc. now owns 12,012 shares of the company’s stock worth $2,878,000 after buying an additional 492 shares in the last quarter. Wynn Capital LLC purchased a new stake in shares of Cummins during the fourth quarter worth $564,000. NewSquare Capital LLC grew its holdings in shares of Cummins by 3.6% during the fourth quarter. NewSquare Capital LLC now owns 31,975 shares of the company’s stock worth $7,595,000 after buying an additional 1,109 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Cummins during the fourth quarter worth $250,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Cummins by 9.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,648 shares of the company’s stock worth $395,000 after buying an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.1 %

NYSE CMI traded down $0.28 during trading hours on Wednesday, reaching $292.42. The company had a trading volume of 760,636 shares, compared to its average volume of 2,740,257. The stock has a 50-day moving average of $282.33 and a 200 day moving average of $249.89. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $39.99 billion, a P/E ratio of 56.45, a price-to-earnings-growth ratio of 1.97 and a beta of 1.04.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.30%. Cummins’s dividend payout ratio is presently 129.73%.

Insider Transactions at Cummins

In other Cummins news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at $720,123.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Monday. Citigroup upped their target price on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Morgan Stanley began coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price target on the stock. Evercore ISI boosted their price target on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Finally, Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target 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.