Payden & Rygel Purchases 1,000 Shares of Cummins Inc. (NYSE:CMI)

Payden & Rygel grew its stake in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 23.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,200 shares of the company’s stock after acquiring an additional 1,000 shares during the period. Payden & Rygel’s holdings in Cummins were worth $1,067,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in CMI. Mystic Asset Management Inc. bought a new position in shares of Cummins during the 4th quarter valued at approximately $27,000. KRS Capital Management LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $30,000. Steward Financial Group LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $32,000. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $39,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Cummins in the 4th quarter worth approximately $40,000. 80.50% of the stock is owned by hedge funds and other institutional investors.

Shares of CMI stock traded down $1.65 during trading hours on Thursday, reaching $192.22. The company had a trading volume of 2,386 shares, compared to its average volume of 805,403. The business has a fifty day moving average price of $201.17 and a 200-day moving average price of $209.90. Cummins Inc. has a one year low of $186.17 and a one year high of $247.48. The firm has a market cap of $27.12 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.07 and a current ratio of 1.68.

Cummins (NYSE:CMI – Get Rating) last announced its earnings results on Tuesday, May 3rd. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.55 by $0.49. The company had revenue of $6.39 billion during the quarter, compared to analyst estimates of $6.06 billion. Cummins had a net margin of 8.00% and a return on equity of 23.19%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted $4.04 earnings per share. Equities research analysts forecast that Cummins Inc. will post 17.58 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 2nd. Shareholders of record on Friday, May 20th were issued a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a yield of 3.02%. The ex-dividend date was Thursday, May 19th. Cummins’s dividend payout ratio is currently 43.15%.

In related news, CEO Norman Thomas Linebarger sold 37,510 shares of the company’s stock in a transaction on Thursday, March 31st. The shares were sold at an average price of $207.09, for a total transaction of $7,767,945.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer Rumsey sold 420 shares of the company’s stock in a transaction on Thursday, March 31st. The shares were sold at an average price of $208.41, for a total transaction of $87,532.20. Following the sale, the chief operating officer now directly owns 2,052 shares in the company, valued at approximately $427,657.32. The disclosure for this sale can be found here. Insiders have sold 50,710 shares of company stock worth $10,468,698 in the last ninety days. Insiders own 1.00% of the company’s stock.

Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Cummins from $256.00 to $233.00 and set a “hold” rating on the stock in a research note on Thursday, April 14th. Credit Suisse Group reduced their target price on shares of Cummins from $304.00 to $270.00 in a report on Wednesday, May 4th. Citigroup reduced their target price on shares of Cummins from $260.00 to $220.00 in a report on Tuesday, April 12th. UBS Group lowered shares of Cummins from a “buy” rating to a “neutral” rating and reduced their target price for the company from $260.00 to $214.00 in a report on Friday, March 18th. Finally, StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 11th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average target price of $248.33.

Cummins Company Profile (Get Rating)

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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