Cummins Inc. (CMI) Stake Increased by Van ECK Associates Corp

Van ECK Associates Corp increased its position in shares of Cummins Inc. (NYSE:CMI) by 35.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 597 shares of the company’s stock after purchasing an additional 155 shares during the period. Van ECK Associates Corp’s holdings in Cummins were worth $80,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CMI. Oregon Public Employees Retirement Fund raised its position in shares of Cummins by 12,091.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 12,411,147 shares of the company’s stock valued at $93,000 after purchasing an additional 12,309,348 shares during the period. Parnassus Investments CA increased its holdings in Cummins by 76.5% in the 4th quarter. Parnassus Investments CA now owns 1,500,000 shares of the company’s stock valued at $200,460,000 after acquiring an additional 650,000 shares during the last quarter. Bank of Nova Scotia increased its holdings in Cummins by 1,826.7% in the 4th quarter. Bank of Nova Scotia now owns 600,989 shares of the company’s stock valued at $80,314,000 after acquiring an additional 569,797 shares during the last quarter. Federated Investors Inc. PA increased its holdings in Cummins by 300.1% in the 3rd quarter. Federated Investors Inc. PA now owns 642,093 shares of the company’s stock valued at $93,790,000 after acquiring an additional 481,621 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. bought a new stake in Cummins in the 4th quarter valued at $4,481,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

A number of brokerages have issued reports on CMI. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $171.00 price target on the stock in a report on Thursday, December 6th. Robert W. Baird upgraded shares of Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 price target on the stock in a report on Thursday, February 7th. Oppenheimer downgraded shares of Cummins from an “outperform” rating to a “market perform” rating in a report on Thursday, February 7th. ValuEngine upgraded shares of Cummins from a “sell” rating to a “hold” rating in a report on Friday, February 15th. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $168.00 price target on shares of Cummins in a report on Tuesday, January 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $161.07.

Cummins stock opened at $157.41 on Friday. Cummins Inc. has a twelve month low of $124.40 and a twelve month high of $172.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.95 and a current ratio of 1.54. The stock has a market capitalization of $26.08 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 1.10 and a beta of 1.09.

Cummins (NYSE:CMI) last released its quarterly earnings results on Wednesday, February 6th. The company reported $3.48 EPS for the quarter, missing analysts’ consensus estimates of $3.81 by ($0.33). Cummins had a return on equity of 29.71% and a net margin of 9.01%. The firm had revenue of $6.13 billion for the quarter, compared to analysts’ expectations of $6.08 billion. During the same period in the prior year, the firm posted $3.03 earnings per share. Cummins’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 15.46 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 22nd were paid a dividend of $1.14 per share. The ex-dividend date was Thursday, February 21st. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.90%. Cummins’s dividend payout ratio is presently 34.47%.

In related news, VP Tracy A. Embree sold 206 shares of Cummins stock in a transaction dated Wednesday, February 6th. The shares were sold at an average price of $150.00, for a total transaction of $30,900.00. Following the completion of the transaction, the vice president now directly owns 4,221 shares of the company’s stock, valued at approximately $633,150. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Alexis M. Herman sold 423 shares of the business’s stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $150.12, for a total transaction of $63,500.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,959 shares of company stock valued at $4,076,508. 0.67% of the stock is owned by corporate insiders.

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Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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