XML Financial LLC Increases Holdings in Cummins Inc. (NYSE:CMI)

XML Financial LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the 4th quarter, Holdings Channel.com reports. The fund owned 16,537 shares of the company’s stock after buying an additional 425 shares during the period. XML Financial LLC’s holdings in Cummins were worth $3,962,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Norges Bank purchased a new stake in Cummins in the 4th quarter valued at approximately $298,867,000. International Assets Investment Management LLC lifted its stake in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. purchased a new stake in Cummins in the 3rd quarter valued at approximately $71,268,000. Finally, Envestnet Asset Management Inc. raised its holdings in Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after acquiring an additional 274,927 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.9 %

Shares of CMI stock traded down $2.35 on Friday, reaching $271.87. 770,359 shares of the stock were exchanged, compared to its average volume of 828,388. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The stock has a market cap of $37.19 billion, a P/E ratio of 19.90, a price-to-earnings-growth ratio of 1.69 and a beta of 1.02. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average of $288.59 and a two-hundred day moving average of $263.93.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. On average, research analysts anticipate that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were issued a $1.68 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.47%. Cummins’s dividend payout ratio is currently 49.19%.

Insider Activity at Cummins

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on CMI. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird cut their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. boosted their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Citigroup boosted their price target on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Finally, The Goldman Sachs Group boosted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $284.36.

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.