CIBC Asset Management Inc Grows Holdings in Cummins Inc. (NYSE:CMI)

CIBC Asset Management Inc raised its position in Cummins Inc. (NYSE:CMI) by 2.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,922 shares of the company’s stock after purchasing an additional 582 shares during the period. CIBC Asset Management Inc’s holdings in Cummins were worth $8,339,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Exchange Traded Concepts LLC lifted its holdings in Cummins by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock valued at $132,000 after purchasing an additional 227 shares in the last quarter. Creative Planning lifted its holdings in shares of Cummins by 0.3% during the 3rd quarter. Creative Planning now owns 60,996 shares of the company’s stock worth $19,750,000 after acquiring an additional 203 shares during the period. Blue Trust Inc. lifted its holdings in shares of Cummins by 22.1% during the 3rd quarter. Blue Trust Inc. now owns 1,530 shares of the company’s stock worth $495,000 after acquiring an additional 277 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Cummins by 4.8% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 932 shares of the company’s stock worth $302,000 after acquiring an additional 43 shares during the period. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of Cummins by 1,197.5% during the 3rd quarter. Foundations Investment Advisors LLC now owns 18,904 shares of the company’s stock worth $6,121,000 after acquiring an additional 17,447 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $383.08.

Cummins Stock Up 1.5 %

Shares of NYSE:CMI opened at $379.21 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52-week low of $259.06 and a 52-week high of $387.90. The company has a 50 day moving average of $360.89 and a two-hundred day moving average of $339.87. The company has a market capitalization of $52.02 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the company earned $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.92%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.56% of the stock is owned by corporate insiders.

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.