Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Cummins Inc. (NYSE:CMI – Free Report) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 34,436 shares of the company’s stock, valued at approximately $17,578,000.
Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cummins by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after purchasing an additional 7,372 shares during the last quarter. Finally, Raymond James Financial Inc. grew its holdings in shares of Cummins by 4.5% during the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock valued at $640,090,000 after purchasing an additional 64,822 shares during the last quarter. 83.46% of the stock is owned by institutional investors.
Insider Activity
In other Cummins news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,397 shares of company stock worth $14,465,833 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Check Out Our Latest Report on Cummins
Cummins Stock Performance
Shares of NYSE CMI opened at $658.67 on Wednesday. The stock has a fifty day moving average price of $606.31 and a two-hundred day moving average price of $558.95. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm has a market cap of $90.89 billion, a P/E ratio of 34.18, a PEG ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08.
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company posted $5.96 EPS. Research analysts forecast that Cummins Inc. will post 28.39 EPS for the current fiscal year.
Cummins Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.
Cummins Company Profile
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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