Cummins Inc. $CMI Position Cut by MUFG Securities EMEA plc

MUFG Securities EMEA plc trimmed its stake in Cummins Inc. (NYSE:CMI) by 6.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 28,659 shares of the company’s stock after selling 1,978 shares during the quarter. MUFG Securities EMEA plc’s holdings in Cummins were worth $14,629,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Finally, Norges Bank bought a new stake in Cummins in the fourth quarter valued at $863,441,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 17,633 shares of company stock worth $11,653,357. Corporate insiders own 0.30% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $646.53 on Friday. The business’s 50-day moving average price is $623.70 and its 200 day moving average price is $569.87. The firm has a market cap of $89.22 billion, a P/E ratio of 33.55, a PEG 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 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 issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $5.96 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 29.4 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid 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 currently 41.52%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent research reports. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Argus set a $696.00 target price on Cummins in a research note on Tuesday, February 10th. Evercore reissued an “outperform” rating and set a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. One equities research 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $700.50.

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.