Rockefeller Capital Management L.P. Acquires 27,899 Shares of Cummins Inc. $CMI

Rockefeller Capital Management L.P. boosted its holdings in Cummins Inc. (NYSE:CMI) by 50.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 83,614 shares of the company’s stock after purchasing an additional 27,899 shares during the period. Rockefeller Capital Management L.P.’s holdings in Cummins were worth $42,681,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. State Street Corp grew its position in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the period. Fisher Asset Management LLC raised its position in shares of Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CMI shares. Morgan Stanley lifted their target price on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Argus lifted their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $731.86.

Cummins Trading Down 0.1%

Shares of CMI opened at $716.50 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $98.87 billion, a PE ratio of 37.18, a PEG ratio of 1.74 and a beta of 1.24. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76. The stock has a 50 day simple moving average of $663.00 and a 200-day simple moving average of $591.35.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the firm earned $5.96 EPS. Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts predict that Cummins Inc. will post 29.44 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s dividend payout ratio is presently 41.52%.

Insider Buying and Selling at Cummins

In related news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.

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.