Grantham Mayo Van Otterloo & Co. LLC Lowers Stake in Cummins Inc. $CMI

Grantham Mayo Van Otterloo & Co. LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 18.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 103,898 shares of the company’s stock after selling 23,130 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Cummins were worth $43,883,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in Cummins in the third quarter valued at $148,000. Blair William & Co. IL raised its position in shares of Cummins by 6.9% during the 3rd quarter. Blair William & Co. IL now owns 48,090 shares of the company’s stock worth $20,312,000 after purchasing an additional 3,108 shares during the last quarter. Modern Wealth Management LLC lifted its position in shares of Cummins by 1.5% in the third quarter. Modern Wealth Management LLC now owns 2,302 shares of the company’s stock valued at $973,000 after acquiring an additional 34 shares in the last quarter. Ramirez Asset Management Inc. lifted its holdings in Cummins by 20.3% in the 3rd quarter. Ramirez Asset Management Inc. now owns 890 shares of the company’s stock valued at $376,000 after purchasing an additional 150 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its position in Cummins by 12.3% during the third quarter. Aptus Capital Advisors LLC now owns 12,483 shares of the company’s stock worth $5,272,000 after acquiring an additional 1,366 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CMI shares. Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. Barclays increased their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Raymond James Financial upped their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Finally, JPMorgan Chase & Co. lifted their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Down 3.0%

Shares of NYSE CMI opened at $539.59 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The company has a market cap of $74.55 billion, a P/E ratio of 26.30, a P/E/G ratio of 1.71 and a beta of 1.12. The stock has a fifty day moving average price of $570.78 and a 200 day moving average price of $490.67.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $5.16 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio is 38.99%.

Insiders Place Their Bets

In related news, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the sale, the vice president directly owned 15,130 shares in the company, valued at $8,849,990.90. This trade represents a 22.01% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

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.