World Investment Advisors Buys 9,119 Shares of Cummins Inc. $CMI

World Investment Advisors lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 400.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,399 shares of the company’s stock after purchasing an additional 9,119 shares during the quarter. World Investment Advisors’ holdings in Cummins were worth $3,733,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. Raymond James Financial Inc. grew its holdings in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after purchasing an additional 424,294 shares during the last quarter. Nuveen LLC bought a new stake in shares of Cummins during the 1st quarter valued at approximately $109,120,000. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after purchasing an additional 319,277 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Barclays lifted their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research report on Monday, October 20th. Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins Stock Down 0.7%

Shares of NYSE:CMI opened at $438.26 on Friday. The business has a fifty day simple moving average of $415.17 and a 200 day simple moving average of $361.69. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $449.21. The firm has a market cap of $60.39 billion, a P/E ratio of 20.60, a P/E/G ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the company posted $5.26 earnings per share. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio is 37.61%.

Insider Buying and Selling

In other news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last three months. 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.