Financial Planning Hawaii Inc. Invests $1.41 Million in Cummins Inc. $CMI

Financial Planning Hawaii Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,765 shares of the company’s stock, valued at approximately $1,411,000.

Other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares in the last quarter. New York State Teachers Retirement System increased its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares in the last quarter. Bailard Inc. increased its holdings in shares of Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC increased its stake in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on CMI shares. Argus set a $696.00 target price on shares of Cummins in a report on Tuesday, February 10th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Morgan Stanley restated an “overweight” rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Raymond James Financial boosted their price objective on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Finally, Wells Fargo & Company upped their target price on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins Trading Down 2.3%

NYSE:CMI opened at $511.22 on Tuesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The business has a 50 day moving average price of $569.65 and a two-hundred day moving average price of $507.34. The company has a market cap of $70.63 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 1.66 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS 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 firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.16 earnings per share. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Cummins Profile

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.