Empirical Finance LLC Has $1.52 Million Stake in Cummins Inc. (NYSE:CMI)

Empirical Finance LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,152 shares of the company’s stock after acquiring an additional 170 shares during the quarter. Empirical Finance LLC’s holdings in Cummins were worth $1,518,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CMI. Harbour Investments Inc. raised its stake in Cummins by 22.6% during the third quarter. Harbour Investments Inc. now owns 1,541 shares of the company’s stock worth $352,000 after acquiring an additional 284 shares in the last quarter. Silver Oak Securities Incorporated acquired a new position in Cummins during the third quarter worth about $28,000. Comerica Bank bought a new stake in shares of Cummins during the third quarter worth about $7,605,000. Public Sector Pension Investment Board grew its holdings in shares of Cummins by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 15,167 shares of the company’s stock worth $3,465,000 after purchasing an additional 1,653 shares during the last quarter. Finally, Banque Pictet & Cie SA grew its holdings in shares of Cummins by 71.4% during the third quarter. Banque Pictet & Cie SA now owns 3,109 shares of the company’s stock worth $710,000 after purchasing an additional 1,295 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. TD Cowen boosted their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Robert W. Baird reduced their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $287.18.

Insider Transactions at Cummins

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

Cummins Price Performance

Cummins stock opened at $284.89 on Friday. The stock has a market capitalization of $38.97 billion, a price-to-earnings ratio of 20.86, a PEG ratio of 1.75 and a beta of 0.99. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The stock’s 50 day moving average price is $279.29 and its two-hundred day moving average price is $270.89. 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 (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. On average, equities analysts predict that Cummins Inc. will post 18.73 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.56%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Cummins Company 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.