Temasek Holdings Private Ltd bought a new stake in shares of Cummins Inc. (NYSE:CMI – Free Report) during the first quarter, Holdings Channel.com reports. The fund bought 23,019 shares of the company’s stock, valued at approximately $12,385,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Thompson Investment Management Inc. acquired a new position in Cummins in the 4th quarter worth about $26,000. Activest Wealth Management grew its holdings in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc raised its stake in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Insider Activity
In other Cummins news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider directly owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’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 transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Read Our Latest Analysis on CMI
Cummins Stock Up 3.2%
Shares of CMI opened at $659.94 on Wednesday. The stock has a 50 day moving average price of $674.90 and a 200 day moving average price of $616.91. Cummins Inc. has a one year low of $344.02 and a one year high of $737.76. 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 stock has a market capitalization of $91.07 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 1.56 and a beta of 1.22.
Cummins (NYSE:CMI – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the company posted $5.96 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. 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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