Cummins Inc. $CMI Shares Acquired by Eagle Rock Investment Company LLC

Eagle Rock Investment Company LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 51.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,632 shares of the company’s stock after acquiring an additional 4,985 shares during the quarter. Cummins accounts for approximately 1.1% of Eagle Rock Investment Company LLC’s investment portfolio, making the stock its 27th biggest holding. Eagle Rock Investment Company LLC’s holdings in Cummins were worth $7,469,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CMI. Norges Bank acquired a new position in Cummins in the 2nd quarter worth about $505,941,000. Boston Partners purchased a new position in Cummins during the third quarter worth approximately $473,471,000. London Co. of Virginia acquired a new stake in Cummins in the third quarter valued at approximately $231,732,000. Bank of New York Mellon Corp grew its holdings in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the period. Finally, Amundi increased its position in shares of Cummins by 48.6% in the second quarter. Amundi now owns 1,030,767 shares of the company’s stock valued at $343,699,000 after buying an additional 337,074 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 in the last 90 days. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Down 1.3%

Shares of NYSE CMI opened at $523.02 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The stock has a market cap of $72.26 billion, a PE ratio of 25.49, a P/E/G ratio of 1.68 and a beta of 1.12. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $571.03 and a 200 day moving average of $505.16.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the company posted $5.16 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

About Cummins

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.