Cullinan Associates Inc. Has $1.93 Million Stock Holdings in Cummins Inc. $CMI

Cullinan Associates Inc. lessened its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 37.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,702 shares of the company’s stock after selling 1,627 shares during the quarter. Cullinan Associates Inc.’s holdings in Cummins were worth $1,927,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in Cummins during the second quarter worth approximately $8,204,241,000. Northwestern Mutual Wealth Management Co. raised its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Cummins during the 2nd quarter valued at $1,408,353,000. Norges Bank acquired a new stake in shares of Cummins during the 4th quarter worth $863,441,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Cummins during the 2nd quarter worth $973,198,000. 83.46% of the stock is owned by institutional investors.

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Cummins Stock Performance

NYSE CMI opened at $564.61 on Friday. The firm’s fifty day moving average price is $647.45 and its two-hundred day moving average price is $627.90. The stock has a market cap of $77.72 billion, a PE ratio of 28.85, a PEG ratio of 1.35 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is 44.97%.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CMI shares. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Morgan Stanley boosted their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Read Our Latest Research Report on CMI

Cummins Profile

(Free Report)

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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