Oddo BHF Asset Management Sas Takes Position in Cummins Inc. $CMI

Oddo BHF Asset Management Sas bought a new position in shares of Cummins Inc. (NYSE:CMI) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 3,866 shares of the company’s stock, valued at approximately $2,080,000.

Several other hedge funds have also added to or reduced their stakes in the company. Activest Wealth Management grew its holdings in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC lifted its holdings in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth $27,000. Key Financial Inc boosted its position in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. acquired a new stake in Cummins during the fourth quarter worth approximately $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. 0.30% of the stock is owned by insiders.

Cummins Stock Up 4.5%

Shares of CMI opened at $633.15 on Friday. The firm has a 50 day simple moving average of $670.20 and a two-hundred day simple moving average of $622.43. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76. The company has a market cap of $87.37 billion, a P/E ratio of 32.86, a P/E/G ratio of 1.48 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the business posted $5.96 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is currently 41.52%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CMI shares. Argus lifted their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a report on Monday, May 11th. JPMorgan Chase & Co. raised 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. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Finally, Barclays upped their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $740.07.

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.