Cummins Inc. $CMI Shares Sold by Candriam S.C.A.

Candriam S.C.A. reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 32.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,932 shares of the company’s stock after selling 5,364 shares during the period. Candriam S.C.A.’s holdings in Cummins were worth $3,580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Orca Wealth Management LLC raised its stake in Cummins by 0.6% in the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after buying an additional 28 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after acquiring an additional 31 shares during the last quarter. Bank of Jackson Hole Trust increased its holdings in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after acquiring an additional 33 shares during the last quarter. Scotia Capital Inc. raised its position in shares of Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after acquiring an additional 34 shares in the last quarter. Finally, Sylvest Advisors LLC lifted its stake in Cummins by 1.0% during the second quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock worth $1,095,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday. Barclays upped their price objective on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday. Wells Fargo & Company started coverage on Cummins in a report on Thursday. They set an “overweight” rating and a $599.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Finally, Citigroup raised their target price on shares of Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Ten equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $445.93.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 38,127 shares of company stock worth $16,993,030. 0.41% of the stock is currently owned by insiders.

Cummins Trading Down 1.3%

Shares of CMI stock opened at $461.54 on Friday. The company has a market capitalization of $63.71 billion, a P/E ratio of 21.70, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The business’s 50 day moving average is $428.42 and its two-hundred day moving average is $375.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $484.84.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business earned $5.86 EPS. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s payout ratio is 41.52%.

Cummins Company Profile

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.