Cummins Inc. (NYSE:CMI) Shares Bought by Mechanics Financial Corp

Mechanics Financial Corp grew its holdings in shares of Cummins Inc. (NYSE:CMIGet Rating) by 843.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,622 shares of the company’s stock after purchasing an additional 1,450 shares during the period. Mechanics Financial Corp’s holdings in Cummins were worth $333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. SVB Wealth LLC grew its position in shares of Cummins by 2,978.5% during the first quarter. SVB Wealth LLC now owns 107,810 shares of the company’s stock worth $22,113,000 after acquiring an additional 104,308 shares during the last quarter. Centaurus Financial Inc. grew its position in shares of Cummins by 43.4% during the first quarter. Centaurus Financial Inc. now owns 1,146 shares of the company’s stock worth $235,000 after acquiring an additional 347 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of Cummins by 4.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,049 shares of the company’s stock worth $420,000 after acquiring an additional 85 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Cummins during the first quarter worth about $3,077,000. Finally, Certified Advisory Corp grew its position in shares of Cummins by 26.7% during the first quarter. Certified Advisory Corp now owns 6,189 shares of the company’s stock worth $1,269,000 after acquiring an additional 1,303 shares during the last quarter. 80.98% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE CMI opened at $218.47 on Friday. Cummins Inc. has a twelve month low of $184.27 and a twelve month high of $247.48. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $30.80 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 1.40 and a beta of 1.03. The firm has a 50-day moving average of $213.80 and a two-hundred day moving average of $205.40.

Cummins (NYSE:CMIGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $4.77 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.40. Cummins had a net margin of 8.26% and a return on equity of 23.41%. The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.48 billion. During the same period in the prior year, the company earned $4.15 EPS. Cummins’s revenue was up 7.8% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 17.59 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were paid a dividend of $1.57 per share. The ex-dividend date was Thursday, August 18th. This is a positive change from Cummins’s previous quarterly dividend of $1.45. This represents a $6.28 dividend on an annualized basis and a yield of 2.87%. Cummins’s dividend payout ratio is currently 43.98%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CMI shares. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Cummins from $232.00 to $216.00 and set a “hold” rating for the company in a research report on Wednesday, July 13th. Sanford C. Bernstein lowered shares of Cummins from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $238.00 to $190.00 in a research report on Wednesday, July 20th. JPMorgan Chase & Co. began coverage on shares of Cummins in a research report on Thursday, August 18th. They issued a “neutral” rating for the company. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 3rd. Finally, Cowen decreased their target price on shares of Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.22.

Insider Buying and Selling at Cummins

In other Cummins news, insider Srikanth Padmanabhan sold 6,020 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total transaction of $1,336,500.20. Following the completion of the sale, the insider now directly owns 22,020 shares of the company’s stock, valued at $4,888,660.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Srikanth Padmanabhan sold 6,020 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the sale, the insider now directly owns 22,020 shares of the company’s stock, valued at $4,888,660.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Tony Satterthwaite sold 4,866 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total transaction of $1,120,055.88. Following the completion of the sale, the insider now directly owns 59,276 shares of the company’s stock, valued at $13,644,149.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,001 shares of company stock valued at $3,157,774. 1.00% of the stock is currently owned by corporate insiders.

Cummins Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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