Cummins Inc. (NYSE:CMI) Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 43.7% in the 4th quarter, HoldingsChannel reports. The fund owned 173,267 shares of the company’s stock after buying an additional 52,720 shares during the quarter. Russell Investments Group Ltd.’s holdings in Cummins were worth $41,516,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CMI. Commonwealth Equity Services LLC boosted its holdings in Cummins by 3.3% in the third quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company’s stock valued at $16,778,000 after purchasing an additional 2,377 shares in the last quarter. Edmp Inc. lifted its position in shares of Cummins by 32.6% during the 3rd quarter. Edmp Inc. now owns 5,514 shares of the company’s stock worth $1,260,000 after buying an additional 1,355 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Cummins by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company’s stock worth $7,586,000 after buying an additional 1,501 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in shares of Cummins in the 3rd quarter valued at $732,000. Finally, Ledge Wealth Management Inc. grew its position in shares of Cummins by 12.2% in the 3rd quarter. Ledge Wealth Management Inc. now owns 8,988 shares of the company’s stock valued at $2,053,000 after buying an additional 975 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,289 shares of company stock worth $13,576,838. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $293.65 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company has a market cap of $40.16 billion, a PE ratio of 56.69, a P/E/G ratio of 1.98 and a beta of 1.04. The stock has a fifty day moving average price of $283.88 and a 200 day moving average price of $251.38. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business posted $4.52 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Evercore ISI increased their price objective on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Finally, Morgan Stanley initiated coverage on shares of Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $279.70.

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.