Formuepleje A S Decreases Stake in Cummins Inc. $CMI

Formuepleje A S cut its position in shares of Cummins Inc. (NYSE:CMI) by 13.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,876 shares of the company’s stock after selling 7,193 shares during the period. Cummins makes up about 2.6% of Formuepleje A S’s portfolio, making the stock its 16th biggest holding. Formuepleje A S’s holdings in Cummins were worth $33,432,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Amundi boosted its position in shares of Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after acquiring an additional 147,093 shares during the last quarter. Wellington Grp LLC increased its position in Cummins by 2.3% in the second quarter. Wellington Grp LLC now owns 4,481 shares of the company’s stock worth $3,196,000 after purchasing an additional 99 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Cummins in the second quarter worth $1,541,000. California State Teachers Retirement System raised its stake in Cummins by 71,801.8% during the second quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company’s stock valued at $105,726,749,000 after purchasing an additional 148,034,528 shares in the last quarter. Finally, Ameritas Advisory Services LLC raised its stake in Cummins by 19.4% during the second quarter. Ameritas Advisory Services LLC now owns 4,573 shares of the company’s stock valued at $3,262,000 after purchasing an additional 742 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. CICC Research began coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating on the stock. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. UBS Group dropped their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Finally, Citigroup boosted their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $764.54.

Cummins Trading Up 0.1%

CMI stock opened at $561.44 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $390.11 and a twelve month high of $737.76. The stock has a market capitalization of $77.29 billion, a price-to-earnings ratio of 28.69, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23. The firm’s fifty day simple moving average is $632.30 and its two-hundred day simple moving average is $626.67.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $6.43 EPS. As a group, analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

About Cummins

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.