Asset Allocation & Management Company LLC Invests $225,000 in Cummins Inc. (NYSE:CMI)

Asset Allocation & Management Company LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 763 shares of the company’s stock, valued at approximately $225,000.

Several other hedge funds also recently made changes to their positions in CMI. Vanguard Group Inc. increased its position in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Cummins by 3.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after acquiring an additional 246,025 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after acquiring an additional 106,017 shares in the last quarter. Morgan Stanley increased its position in shares of Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after acquiring an additional 50,476 shares in the last quarter. Finally, Northern Trust Corp grew its position in Cummins by 4.0% during the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

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

Cummins Stock Performance

Shares of Cummins stock traded down $1.37 on Friday, reaching $276.94. The stock had a trading volume of 3,366,475 shares, compared to its average volume of 798,362. The business’s 50-day moving average price is $283.40 and its two-hundred day moving average price is $267.47. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $304.24. The stock has a market cap of $37.88 billion, a P/E ratio of 20.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s payout ratio is 49.19%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. The Goldman Sachs Group boosted their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Robert W. Baird lowered their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $284.36.

About Cummins

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.