Verition Fund Management LLC grew its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 242.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,797 shares of the company’s stock after purchasing an additional 38,097 shares during the quarter. Verition Fund Management LLC’s holdings in Cummins were worth $27,461,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the stock. Fisher Asset Management LLC raised its stake in Cummins by 2.8% in the 3rd 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. Accredited Wealth Management LLC grew its holdings in shares of Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after buying an additional 3,100 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Cummins by 5.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock valued at $20,610,000 after buying an additional 2,574 shares during the period. Payden & Rygel acquired a new stake in Cummins during the third quarter worth approximately $9,757,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Cummins in the 3rd quarter worth approximately $11,129,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the sale, the vice president 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 SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Insiders own 0.30% of the company’s stock.
Cummins Stock Up 0.0%
Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company posted $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current year.
Cummins Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on CMI shares. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $565.00 to $850.00 in a report on Monday, June 8th. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Wells Fargo & Company boosted their target price on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $726.14.
Read Our Latest Stock Report on CMI
About Cummins
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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