Bank of Montreal Can grew its position in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 12.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 234,350 shares of the company’s stock after purchasing an additional 25,861 shares during the period. Bank of Montreal Can owned 0.17% of Cummins worth $57,428,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of CMI. NorthRock Partners LLC purchased a new position in Cummins in the third quarter valued at approximately $222,000. CIBC Asset Management Inc boosted its holdings in Cummins by 41.3% in the third quarter. CIBC Asset Management Inc now owns 24,805 shares of the company’s stock worth $5,048,000 after purchasing an additional 7,246 shares during the period. Versor Investments LP boosted its holdings in shares of Cummins by 3.9% during the third quarter. Versor Investments LP now owns 14,005 shares of the company’s stock valued at $2,850,000 after acquiring an additional 521 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Cummins by 21.0% during the second quarter. Teacher Retirement System of Texas now owns 35,659 shares of the company’s stock valued at $6,901,000 after acquiring an additional 6,200 shares during the period. Finally, Merit Financial Group LLC acquired a new position in shares of Cummins during the fourth quarter valued at $419,000. 80.94% of the stock is owned by institutional investors and hedge funds.
Cummins Stock Up 1.0 %
Shares of NYSE CMI traded up $2.39 during mid-day trading on Wednesday, reaching $231.85. 256,789 shares of the company’s stock were exchanged, compared to its average volume of 1,046,982. The firm has a market capitalization of $32.78 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.30 and a beta of 1.01. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 0.45. The business has a fifty day simple moving average of $244.66 and a 200 day simple moving average of $238.04. Cummins Inc. has a twelve month low of $184.27 and a twelve month high of $261.91.
Cummins (NYSE:CMI – Get Rating) last released its quarterly earnings results on Monday, February 6th. The company reported $4.52 EPS for the quarter, hitting analysts’ consensus estimates of $4.52. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.21 billion. Cummins had a return on equity of 24.58% and a net margin of 7.66%. Cummins’s revenue was up 32.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.85 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 18.95 EPS for the current fiscal year.
Cummins Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Stockholders of record on Friday, February 24th were given a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Thursday, February 23rd. Cummins’s dividend payout ratio is currently 41.56%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on CMI shares. Credit Suisse Group lifted their price objective on shares of Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a research note on Tuesday, February 7th. UBS Group boosted their price target on Cummins from $247.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Deutsche Bank Aktiengesellschaft lowered their price target on Cummins from $235.00 to $231.00 and set a “hold” rating for the company in a research note on Tuesday, February 7th. StockNews.com initiated coverage on Cummins in a research report on Thursday, March 16th. They set a “buy” rating for the company. Finally, Morgan Stanley cut their price target on Cummins from $264.00 to $262.00 and set an “equal weight” rating for the company in a report on Friday, January 20th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $254.75.
Insider Activity at Cummins
In related news, Director Georgia R. Nelson sold 1,933 shares of Cummins stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the sale, the director now owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Walter J. Fier sold 3,307 shares of Cummins stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $252.99, for a total value of $836,637.93. Following the sale, the vice president now owns 8,090 shares of the company’s stock, valued at approximately $2,046,689.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Georgia R. Nelson sold 1,933 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total value of $486,420.12. Following the completion of the transaction, the director now owns 21,742 shares of the company’s stock, valued at $5,471,156.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,709 shares of company stock valued at $4,245,545. 1.05% of the stock is owned by insiders.
Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.