Perigon Wealth Management LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

Perigon Wealth Management LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,381 shares of the company’s stock, valued at approximately $331,000.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. State Street Corp boosted its stake in shares of Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock valued at $1,548,473,000 after purchasing an additional 191,776 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after purchasing an additional 173,139 shares during the period. Morgan Stanley boosted its stake in shares of Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after purchasing an additional 50,476 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Down 0.4 %

CMI stock opened at $294.58 on Wednesday. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company’s 50 day moving average is $277.85 and its two-hundred day moving average is $247.32. The stock has a market cap of $40.29 billion, a P/E ratio of 56.87, a PEG ratio of 2.03 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the business posted $4.52 EPS. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 18.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.28%. Cummins’s payout ratio is currently 129.73%.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Citigroup lifted their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Finally, TD Cowen lifted their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $279.70.

Cummins Profile

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.