Neuberger Berman Group LLC Has $200.08 Million Stock Holdings in Cummins Inc. $CMI

Neuberger Berman Group LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 21.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 473,842 shares of the company’s stock after selling 126,234 shares during the period. Neuberger Berman Group LLC owned approximately 0.34% of Cummins worth $200,082,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Mirae Asset Global Investments Co. Ltd. grew its position in Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after acquiring an additional 2,417 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. lifted its holdings in shares of Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cummins by 6.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after purchasing an additional 17,566 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 over the last quarter. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Down 3.0%

Shares of NYSE CMI opened at $539.59 on Friday. The company has a 50 day simple moving average of $570.78 and a 200 day simple moving average of $490.06. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The firm has a market cap of $74.55 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period in the previous year, the firm posted $5.16 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is currently 38.99%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Robert W. Baird set a $580.00 price target on shares of Cummins in a report on Friday, February 6th. Finally, Barclays increased their price target on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $588.93.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.