Janus Henderson Group PLC Trims Holdings in Cummins Inc. $CMI

Janus Henderson Group PLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 56.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,910 shares of the company’s stock after selling 46,123 shares during the period. Janus Henderson Group PLC’s holdings in Cummins were worth $19,314,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of 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 purchasing an additional 98,544 shares during the period. State Street Corp raised its stake in Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC boosted its holdings in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Cummins by 10,317.7% in the 4th 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 period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the firm’s 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 completion of the transaction, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their position. 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 valued at $9,377,684. 0.30% of the stock is owned by company insiders.

Cummins Stock Up 2.5%

NYSE:CMI opened at $649.89 on Tuesday. Cummins Inc. has a 52 week low of $356.92 and a 52 week high of $737.76. The stock’s fifty day moving average is $670.29 and its two-hundred day moving average is $623.53. The stock has a market capitalization of $89.68 billion, a price-to-earnings ratio of 33.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24. 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 data 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 business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the firm posted $5.96 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CMI. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.