Harbor Investment Advisory LLC Acquires 197 Shares of Cummins Inc. (NYSE:CMI)


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Harbor Investment Advisory LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 14.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,535 shares of the company’s stock after purchasing an additional 197 shares during the quarter. Harbor Investment Advisory LLC’s holdings in Cummins were worth $398,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CMI. Norges Bank bought a new position in Cummins in the fourth quarter worth about $450,351,000. Vaughan Nelson Investment Management L.P. lifted its stake in Cummins by 275.5% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 519,680 shares of the company’s stock valued at $118,020,000 after acquiring an additional 381,280 shares during the period. KAMES CAPITAL plc purchased a new stake in shares of Cummins during the 4th quarter valued at about $63,301,000. Amundi Pioneer Asset Management Inc. grew its stake in shares of Cummins by 25.5% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,327,792 shares of the company’s stock worth $301,469,000 after acquiring an additional 269,647 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Cummins by 119.1% during the fourth quarter. Principal Financial Group Inc. now owns 479,491 shares of the company’s stock valued at $108,892,000 after purchasing an additional 260,681 shares during the last quarter. Institutional investors and hedge funds own 81.07% of the company’s stock.

Several equities analysts have recently weighed in on the company. Credit Suisse Group increased their price target on Cummins from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, February 5th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on shares of Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Citigroup upped their target price on shares of Cummins from $265.00 to $315.00 in a report on Tuesday, March 16th. Morgan Stanley upped their price objective on Cummins from $238.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Cowen boosted their price target on Cummins from $239.00 to $243.00 and gave the company a “market perform” rating in a report on Tuesday, February 9th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and a consensus target price of $235.71.

In other news, CEO Norman Thomas Linebarger sold 8,389 shares of the business’s stock in a transaction on Wednesday, February 10th. The shares were sold at an average price of $245.10, for a total transaction of $2,056,143.90. Following the sale, the chief executive officer now directly owns 99,927 shares of the company’s stock, valued at $24,492,107.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Andrew Smith sold 352 shares of the firm’s stock in a transaction on Tuesday, February 9th. The stock was sold at an average price of $244.64, for a total value of $86,113.28. Following the completion of the transaction, the chief financial officer now owns 6,771 shares of the company’s stock, valued at approximately $1,656,457.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,498 shares of company stock valued at $2,816,552. Company insiders own 1.04% of the company’s stock.

Shares of NYSE:CMI opened at $259.98 on Wednesday. The company has a market capitalization of $38.10 billion, a PE ratio of 24.53, a P/E/G ratio of 1.94 and a beta of 1.09. The company has a current ratio of 1.94, a quick ratio of 1.33 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $140.93 and a 12-month high of $277.09. The business’s fifty day simple moving average is $263.45 and its 200-day simple moving average is $239.11.

Cummins (NYSE:CMI) last posted its earnings results on Wednesday, February 3rd. The company reported $3.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.62. Cummins had a return on equity of 20.30% and a net margin of 8.12%. The company had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the previous year, the firm earned $2.56 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 11.41 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 4th. Shareholders of record on Friday, February 19th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, February 18th. Cummins’s dividend payout ratio is currently 35.88%.

Cummins 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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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