O Shaughnessy Asset Management LLC increased its position in Cummins Inc. (NYSE:CMI – Free Report) by 6.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 42,679 shares of the company’s stock after acquiring an additional 2,716 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Cummins were worth $21,785,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new position in shares of Cummins in the 4th quarter valued at about $26,000. Activest Wealth Management raised its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins in the fourth quarter valued at approximately $27,000. Ares Financial Consulting LLC acquired a new position in Cummins in the fourth quarter valued at approximately $29,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins in the second quarter valued at approximately $31,000. 83.46% of the stock is owned by institutional investors.
Cummins Stock Up 3.2%
CMI stock opened at $671.96 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock has a market capitalization of $92.72 billion, a P/E ratio of 34.87, a P/E/G ratio of 1.59 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The business has a 50-day moving average of $638.58 and a 200-day moving average of $578.90.
Cummins Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.
Insiders Place Their Bets
In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the transaction, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Wells Fargo & Company upped their price objective on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Barclays increased their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Morgan Stanley boosted their target price on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $726.14.
Cummins 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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