Eurizon Capital SGR S.p.A. Takes $30.90 Million Position in Cummins Inc. $CMI

Eurizon Capital SGR S.p.A. bought a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 60,484 shares of the company’s stock, valued at approximately $30,897,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Fideuram Asset Management Ireland dac purchased a new stake in shares of Cummins in the fourth quarter valued at about $3,437,000. National Pension Service raised its holdings in shares of Cummins by 71.2% in the fourth quarter. National Pension Service now owns 416,389 shares of the company’s stock valued at $212,546,000 after buying an additional 173,143 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Cummins in the fourth quarter valued at about $1,081,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cummins by 5.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 24,950 shares of the company’s stock valued at $12,736,000 after buying an additional 1,351 shares during the last quarter. Finally, Moors & Cabot Inc. raised its holdings in shares of Cummins by 1.0% in the fourth quarter. Moors & Cabot Inc. now owns 3,372 shares of the company’s stock valued at $1,721,000 after buying an additional 35 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,633 shares of company stock valued at $11,653,357 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Cummins Trading Down 3.3%

NYSE CMI opened at $646.53 on Friday. The stock has a market capitalization of $89.22 billion, a P/E ratio of 33.55, a P/E/G ratio of 1.57 and a beta of 1.27. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The firm has a 50-day moving average price of $623.70 and a 200 day moving average price of $569.87. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $5.96 earnings per share. Equities research analysts expect that Cummins Inc. will post 29.4 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Argus set a $696.00 price target on shares of Cummins in a report on Tuesday, February 10th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Wells Fargo & Company increased their price target on shares of Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $700.50.

Cummins Company 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.