Patton Fund Management Inc. Grows Holdings in Cummins Inc. $CMI

Patton Fund Management Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1,505.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,242 shares of the company’s stock after acquiring an additional 6,791 shares during the period. Patton Fund Management Inc.’s holdings in Cummins were worth $3,896,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fisher Asset Management LLC grew its position in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in Cummins in the third quarter worth about $11,129,000. Perbak Capital Partners LLP purchased a new position in Cummins in the third quarter worth about $1,385,000. Juno Financial Group LLC bought a new position in shares of Cummins in the fourth quarter worth approximately $883,000. Finally, Nordea Investment Management AB lifted its stake in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after buying an additional 278,350 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several analyst reports. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Morgan Stanley upped their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Evercore reiterated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Barclays lifted their target price on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on 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 transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by corporate insiders.

Cummins Trading Up 0.1%

NYSE:CMI opened at $686.26 on Monday. Cummins Inc. has a one year low of $322.45 and a one year high of $737.76. The business has a fifty day moving average price of $672.37 and a 200-day moving average price of $598.34. The firm has a market capitalization of $94.70 billion, a price-to-earnings ratio of 35.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share 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 company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the business earned $5.96 earnings per share. Cummins’s quarterly revenue was up 2.7% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

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.