Mn Services Vermogensbeheer B.V. Raises Stake in Cummins Inc. $CMI

Mn Services Vermogensbeheer B.V. increased its stake in Cummins Inc. (NYSE:CMI) by 428.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 212,863 shares of the company’s stock after purchasing an additional 172,580 shares during the quarter. Cummins makes up approximately 0.8% of Mn Services Vermogensbeheer B.V.’s investment portfolio, making the stock its 26th biggest position. Mn Services Vermogensbeheer B.V.’s holdings in Cummins were worth $109,959,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of CMI. BlackRock Inc. purchased a new stake in Cummins in the 2nd quarter worth approximately $8,204,241,000. Bank of America Corp DE purchased a new stake in shares of Cummins in the second quarter worth $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in shares of Cummins in the second quarter worth $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins during the 2nd quarter valued at $666,635,000. Finally, Amundi lifted its stake 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 buying an additional 147,093 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. UBS Group lowered their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. JPMorgan Chase & Co. dropped their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. CICC Research started coverage on shares of Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective for the company. Morgan Stanley lifted their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Finally, Evercore decreased their price objective on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a report on Tuesday, August 11th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $717.59.

Cummins Stock Up 0.5%

Cummins stock opened at $520.13 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a market cap of $71.60 billion, a P/E ratio of 26.58, a P/E/G ratio of 1.36 and a beta of 1.24. The business has a fifty day moving average of $569.74 and a two-hundred day moving average of $620.98. Cummins Inc. has a twelve month low of $400.72 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the firm earned $6.43 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.