Cummins Inc. (NYSE:CMI) Shares Purchased by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC increased its stake in shares of Cummins Inc. (NYSE:CMIGet Rating) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,053 shares of the company’s stock after purchasing an additional 129 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cummins were worth $3,908,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CMI. State Street Corp lifted its holdings in Cummins by 1.1% in the fourth quarter. State Street Corp now owns 6,751,839 shares of the company’s stock valued at $1,472,846,000 after acquiring an additional 74,697 shares during the period. Geode Capital Management LLC lifted its holdings in Cummins by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 2,823,165 shares of the company’s stock valued at $614,408,000 after acquiring an additional 100,129 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,197,012 shares of the company’s stock valued at $479,257,000 after acquiring an additional 67,205 shares during the period. Loomis Sayles & Co. L P lifted its holdings in Cummins by 7.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 1,625,142 shares of the company’s stock valued at $354,508,000 after acquiring an additional 110,024 shares during the period. Finally, Norges Bank acquired a new stake in Cummins in the fourth quarter valued at $302,269,000. 80.50% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.5 %

Cummins stock opened at $206.29 on Tuesday. The stock has a market cap of $29.11 billion, a PE ratio of 15.35, a P/E/G ratio of 1.32 and a beta of 1.01. The stock has a 50-day moving average price of $200.69 and a 200 day moving average price of $206.45. Cummins Inc. has a 52 week low of $184.27 and a 52 week high of $247.48. The company has a current ratio of 1.68, a quick ratio of 1.07 and a debt-to-equity ratio of 0.37.

Cummins (NYSE:CMIGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.55 by $0.49. The firm had revenue of $6.39 billion during the quarter, compared to analysts’ expectations of $6.06 billion. Cummins had a return on equity of 23.19% and a net margin of 8.00%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the business posted $4.04 EPS. Equities research analysts predict that Cummins Inc. will post 17.59 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 19th will be given a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend is Thursday, August 18th. This is a boost from Cummins’s previous quarterly dividend of $1.45. Cummins’s dividend payout ratio (DPR) is currently 43.15%.

Analyst Ratings Changes

A number of research firms have commented on CMI. Cowen reduced their target price on Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. Citigroup reduced their target price on Cummins from $260.00 to $220.00 in a report on Tuesday, April 12th. Morgan Stanley reduced their target price on Cummins from $205.00 to $187.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. Credit Suisse Group set a $249.00 price target on Cummins in a research note on Tuesday, July 19th. Finally, Cowen cut their price target on Cummins from $281.00 to $267.00 in a research note on Thursday, July 7th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $238.09.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,750 shares of Cummins stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $205.00, for a total value of $973,750.00. Following the completion of the sale, the vice president now owns 16,348 shares in the company, valued at approximately $3,351,340. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cummins news, Director Franklin R. Changdiaz sold 1,560 shares of Cummins stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $199.62, for a total value of $311,407.20. Following the completion of the sale, the director now owns 4,842 shares in the company, valued at approximately $966,560.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,750 shares of Cummins stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $205.00, for a total value of $973,750.00. Following the completion of the sale, the vice president now owns 16,348 shares of the company’s stock, valued at approximately $3,351,340. The disclosure for this sale can be found here. Insiders sold 11,310 shares of company stock worth $2,306,857 in the last 90 days. 1.05% of the stock is owned by company insiders.

Cummins Profile

(Get Rating)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.

Featured Stories

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMIGet Rating).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.