Geode Capital Management LLC Acquires 35,286 Shares of Cummins Inc. $CMI

by · The Cerbat Gem

Geode Capital Management LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 1.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,584,466 shares of the company’s stock after buying an additional 35,286 shares during the period. Geode Capital Management LLC’s holdings in Cummins were worth $1,822,534,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Frank Rimerman Advisors LLC grew its stake in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after buying an additional 18 shares during the last quarter. Financial Consulate Inc. grew its stake in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after buying an additional 18 shares during the last quarter. ICW Investment Advisors LLC grew its stake in shares of Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after buying an additional 18 shares during the last quarter. Gilbert & Cook Inc. grew its stake in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after buying an additional 19 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC grew its stake in Cummins by 2.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.1%

Shares of NYSE CMI opened at $667.47 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $92.10 billion, a PE ratio of 34.64, a price-to-earnings-growth ratio of 1.63 and a beta of 1.27. The stock’s fifty day simple moving average is $621.63 and its two-hundred day simple moving average is $569.33. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

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, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $5.96 EPS. As a group, analysts expect that Cummins Inc. will post 29.4 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Raymond James Financial increased their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Barclays increased their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their price objective on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $700.50.

Read Our Latest Research Report on Cummins

Insider Buying and Selling at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 17,633 shares of company stock worth $11,653,357. 0.30% of the stock is currently owned by company insiders.

About Cummins

(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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