Cummins Inc. $CMI Shares Sold by Raiffeisen Bank International AG

Raiffeisen Bank International AG trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,589 shares of the company’s stock after selling 1,476 shares during the quarter. Raiffeisen Bank International AG’s holdings in Cummins were worth $17,252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Northwestern Mutual Wealth Management Co. raised its position in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Norges Bank acquired a new stake in shares of Cummins during the 4th quarter worth approximately $863,441,000. Boston Partners acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $473,471,000. London Co. of Virginia acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $231,732,000. Finally, Nordea Investment Management AB raised its position in shares of Cummins by 103.8% during the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after purchasing an additional 278,350 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares in the company, valued at $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the transaction, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Shares of Cummins stock opened at $655.61 on Friday. The stock has a market cap of $90.47 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.23. The business has a fifty day simple moving average of $646.26 and a 200-day simple moving average of $582.72. 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 Inc. has a 12 month low of $307.90 and a 12 month high of $718.08.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during 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% compared to the same quarter last year. During the same quarter last year, the firm posted $5.96 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Barclays increased their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Wells Fargo & Company increased their price objective on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Finally, Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $726.14.

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.