Neuberger Berman Group LLC Boosts Holdings in Cummins Inc. $CMI

Neuberger Berman Group LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 19.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 600,076 shares of the company’s stock after acquiring an additional 98,901 shares during the quarter. Neuberger Berman Group LLC owned about 0.44% of Cummins worth $196,495,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC grew its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the last quarter. Prosperity Consulting Group LLC purchased a new position in shares of Cummins during the first quarter worth approximately $240,000. Norden Group LLC increased its holdings in shares of Cummins by 83.5% in the 1st quarter. Norden Group LLC now owns 1,154 shares of the company’s stock valued at $362,000 after acquiring an additional 525 shares during the period. GSA Capital Partners LLP purchased a new stake in Cummins in the 1st quarter valued at $575,000. Finally, Mesirow Financial Investment Management Inc. boosted its stake in Cummins by 19.3% during the 1st quarter. Mesirow Financial Investment Management Inc. now owns 691 shares of the company’s stock worth $217,000 after purchasing an additional 112 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 0.4%

CMI stock opened at $497.11 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $440.80 and its 200 day moving average price is $386.15. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $499.87. The company has a market cap of $68.62 billion, a P/E ratio of 23.37, a P/E/G ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the business posted $5.86 EPS. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. JPMorgan Chase & Co. upped their price objective on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday. Wells Fargo & Company assumed coverage on Cummins in a report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $476.75.

Insider Buying and Selling

In related news, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 36,410 shares of company stock worth $16,424,574 in the last ninety days. Insiders own 0.41% of the company’s stock.

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.