377 Shares in Cummins Inc. (NYSE:CMI) Bought by Garde Capital Inc.

Garde Capital Inc. bought a new stake in Cummins Inc. (NYSE:CMI) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 377 shares of the company’s stock, valued at approximately $111,000.

Several other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after buying an additional 604,735 shares during the period. Fisher Asset Management LLC grew its holdings in Cummins by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after purchasing an additional 106,017 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after purchasing an additional 96,387 shares during the period. Ontario Teachers Pension Plan Board increased its stake in Cummins by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after purchasing an additional 43,090 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its holdings in Cummins by 4.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after buying an additional 64,365 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Citigroup started coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Robert W. Baird lifted their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday. The Goldman Sachs Group boosted their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. TD Cowen boosted their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $289.91.

Cummins Stock Performance

Shares of NYSE CMI traded down $15.73 during midday trading on Friday, hitting $290.36. 1,186,131 shares of the stock traded hands, compared to its average volume of 842,567. The firm has a 50-day moving average of $280.08 and a two-hundred day moving average of $276.37. The firm has a market capitalization of $39.72 billion, a P/E ratio of 21.26, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $5.18 EPS. On average, equities analysts forecast that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.51%. 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 49.19%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of the company’s 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 in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins 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 owns 20,873 shares in the company, valued at approximately $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Marvin Boakye purchased 1,745 shares of the business’s stock in a transaction on Monday, May 20th. The stock was acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

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.