Rockefeller Capital Management L.P. Sells 1,629 Shares of Cummins Inc. $CMI

Rockefeller Capital Management L.P. decreased its position in Cummins Inc. (NYSE:CMI) by 3.0% during the second quarter, Holdings Channel.com reports. The fund owned 52,439 shares of the company’s stock after selling 1,629 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Cummins were worth $17,665,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Motley Fool Asset Management LLC boosted its holdings in Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after acquiring an additional 623 shares in the last quarter. Applied Finance Capital Management LLC raised its holdings in Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after purchasing an additional 7,656 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Cummins in the 1st quarter worth about $2,749,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cummins by 6.7% during 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. Finally, Invesco Ltd. increased its position in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 36,820 shares of company stock valued at $16,463,263 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Up 2.0%

Shares of NYSE CMI opened at $465.27 on Wednesday. The firm’s 50 day moving average price is $431.01 and its 200-day moving average price is $378.40. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $484.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market cap of $64.22 billion, a PE ratio of 21.87, a P/E/G ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $5.86 EPS. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm 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 $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s payout ratio is currently 41.52%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CMI shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Barclays boosted their price objective on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 11th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Ten investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $445.93.

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.