Rockefeller Capital Management L.P. Raises Stock Position in Cummins Inc. (NYSE:CMI)

Rockefeller Capital Management L.P. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 6.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,242 shares of the company’s stock after acquiring an additional 3,464 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Cummins were worth $18,532,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vinva Investment Management Ltd increased its position in shares of Cummins by 37.7% during the third quarter. Vinva Investment Management Ltd now owns 5,681 shares of the company’s stock worth $1,854,000 after acquiring an additional 1,555 shares during the period. Financial Counselors Inc. increased its position in shares of Cummins by 230.4% during the third quarter. Financial Counselors Inc. now owns 3,393 shares of the company’s stock worth $1,099,000 after acquiring an additional 2,366 shares during the period. Public Sector Pension Investment Board increased its position in shares of Cummins by 14.5% during the third quarter. Public Sector Pension Investment Board now owns 304,002 shares of the company’s stock worth $98,433,000 after acquiring an additional 38,400 shares during the period. Fiduciary Trust Co boosted its stake in shares of Cummins by 26.3% during the third quarter. Fiduciary Trust Co now owns 2,428 shares of the company’s stock valued at $786,000 after purchasing an additional 505 shares in the last quarter. Finally, First Commonwealth Financial Corp PA boosted its stake in shares of Cummins by 13.2% during the third quarter. First Commonwealth Financial Corp PA now owns 1,494 shares of the company’s stock valued at $484,000 after purchasing an additional 174 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.1 %

NYSE:CMI opened at $375.04 on Monday. Cummins Inc. has a 12 month low of $223.35 and a 12 month high of $379.66. The firm has a fifty day simple moving average of $342.77 and a 200-day simple moving average of $307.44. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $51.45 billion, a P/E ratio of 24.77, a PEG ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.94%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Citigroup raised their target price on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $337.67.

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.