Pitcairn Co. Reduces Position in Cummins Inc. $CMI

Pitcairn Co. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 44.7% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,660 shares of the company’s stock after selling 1,341 shares during the quarter. Pitcairn Co.’s holdings in Cummins were worth $701,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. Vanguard Group Inc. grew its stake in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares during the period. State Street Corp lifted its position in Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares during the period. Geode Capital Management LLC boosted its holdings in Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after purchasing an additional 43,720 shares during the last quarter. Fisher Asset Management LLC grew its position in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the period. Finally, Norges Bank purchased a new stake in Cummins during the 2nd quarter valued at $505,941,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of the stock in a transaction on 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 directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the sale, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,195 shares of company stock worth $18,397,489 in the last 90 days. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $539.59 on Friday. The business’s fifty day moving average is $570.78 and its 200 day moving average is $490.67. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The company has a market capitalization of $74.55 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the prior year, the business posted $5.16 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CMI shares. Wells Fargo & Company increased their price target on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. UBS Group set a $565.00 price objective on Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a report on Monday, January 26th. Robert W. Baird set a $580.00 target price on Cummins in a research report on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

About Cummins

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.