Dimensional Fund Advisors LP Increases Position in Cummins Inc. $CMI

Dimensional Fund Advisors LP grew its holdings in Cummins Inc. (NYSE:CMI) by 0.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,537,347 shares of the company’s stock after purchasing an additional 7,372 shares during the quarter. Dimensional Fund Advisors LP owned about 1.12% of Cummins worth $649,280,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its stake in Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares during the period. State Street Corp increased its stake in Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares during the period. Geode Capital Management LLC lifted its holdings in Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after buying an additional 43,720 shares in the last quarter. Fisher Asset Management LLC boosted its position in Cummins by 2.8% in 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 buying an additional 91,956 shares during the period. Finally, Norges Bank acquired a new stake in shares of Cummins in the second quarter valued at $505,941,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 3.5%

Cummins stock opened at $559.82 on Wednesday. The stock’s 50 day moving average price is $568.58 and its 200 day moving average price is $488.03. The company has a market cap of $77.34 billion, a PE ratio of 27.28, a price-to-earnings-growth ratio of 1.84 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 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 firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter last year, the business earned $5.16 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. Citigroup upped their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Wells Fargo & Company boosted their price objective on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Robert W. Baird set a $580.00 target price on Cummins in a research report on Friday, February 6th. Finally, Barclays raised their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Activity at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the company’s stock in a transaction dated 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 owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president directly owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,141 shares of company stock valued at $16,121,817 in the last quarter. 0.41% of the stock is owned by corporate insiders.

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.