Ascent Group LLC Invests $353,000 in Cummins Inc. (NYSE:CMI)

Ascent Group LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 1st quarter, HoldingsChannel reports. The firm bought 1,198 shares of the company’s stock, valued at approximately $353,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares during the period. Fisher Asset Management LLC lifted its position in Cummins by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after acquiring an additional 106,017 shares during the period. Dimensional Fund Advisors LP grew its stake in Cummins by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after purchasing an additional 96,387 shares during the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Cummins by 3.1% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after purchasing an additional 43,090 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in shares of Cummins by 4.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after purchasing an additional 64,365 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Cummins news, VP Marvin Boakye purchased 1,745 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the transaction, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI traded up $0.77 during trading on Monday, hitting $291.15. The company’s stock had a trading volume of 678,614 shares, compared to its average volume of 1,911,054. The firm has a market capitalization of $39.82 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 1.83 and a beta of 0.99. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The business’s fifty day simple moving average is $279.25 and its 200 day simple moving average is $274.93. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, equities research analysts forecast that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 49.19%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. TD Cowen increased their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Robert W. Baird cut their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Raymond James began coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, The Goldman Sachs Group boosted their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $287.18.

Cummins Company 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.