Quantinno Capital Management LP Buys 42,043 Shares of Cummins Inc. $CMI

Quantinno Capital Management LP raised its stake in Cummins Inc. (NYSE:CMI) by 21.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 235,788 shares of the company’s stock after purchasing an additional 42,043 shares during the period. Quantinno Capital Management LP’s holdings in Cummins were worth $126,859,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CMI. Lazard Asset Management LLC raised its holdings in Cummins by 458.2% in the 1st quarter. Lazard Asset Management LLC now owns 110,075 shares of the company’s stock valued at $59,223,000 after acquiring an additional 90,357 shares in the last quarter. Family Manage LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $223,000. Gateway Wealth Partners LLC grew its holdings in shares of Cummins by 301.8% during the 1st quarter. Gateway Wealth Partners LLC now owns 2,724 shares of the company’s stock worth $1,466,000 after purchasing an additional 2,046 shares in the last quarter. Wealth Watch Advisors INC increased its position in shares of Cummins by 107.3% during the first quarter. Wealth Watch Advisors INC now owns 396 shares of the company’s stock valued at $213,000 after purchasing an additional 205 shares during the period. Finally, Everest Financial Group LLC raised its stake in shares of Cummins by 3.1% in the first quarter. Everest Financial Group LLC now owns 938 shares of the company’s stock valued at $505,000 after purchasing an additional 28 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.3%

Shares of CMI stock opened at $662.51 on Tuesday. The company has a market capitalization of $91.42 billion, a P/E ratio of 34.38, a P/E/G ratio of 1.62 and a beta of 1.22. Cummins Inc. has a 12-month low of $354.68 and a 12-month high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average price of $671.89 and a 200 day moving average price of $620.71.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.96 earnings per share. Research analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. Cummins’s dividend payout ratio is currently 41.52%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CMI. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Wells Fargo & Company raised their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Finally, Morgan Stanley upped their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $740.07.

Insider Activity

In other Cummins news, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by 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.