QRG Capital Management Inc. Has $25.70 Million Stock Holdings in Cummins Inc. $CMI

QRG Capital Management Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 157.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 50,352 shares of the company’s stock after acquiring an additional 30,775 shares during the period. QRG Capital Management Inc.’s holdings in Cummins were worth $25,702,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Thompson Investment Management Inc. acquired a new stake in Cummins during the 4th quarter worth $26,000. Activest Wealth Management grew its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the period. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth $28,000. Ares Financial Consulting LLC acquired a new stake in Cummins during the 4th quarter worth $29,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the 2nd quarter worth $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CMI. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Wells Fargo & Company boosted their price target on shares of Cummins from $630.00 to $693.00 and gave the company an “overweight” rating in a report on Monday, April 13th. Morgan Stanley reissued an “overweight” rating and issued a $675.00 price target on shares of Cummins in a report on Friday, February 6th. JPMorgan Chase & Co. boosted 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. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a report on Friday, April 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $600.27.

Insiders Place Their Bets

In related news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,195 shares of company stock worth $18,397,489 in the last ninety days. 0.30% of the stock is owned by insiders.

Cummins Price Performance

Shares of CMI stock opened at $657.75 on Tuesday. Cummins Inc. has a 12-month low of $290.73 and a 12-month high of $674.75. The firm has a market capitalization of $90.88 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.08 and a beta of 1.27. 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 firm has a fifty day moving average of $581.03 and a 200-day moving average of $537.79.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the previous year, the business earned $5.16 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 26.05 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Cummins Company 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.