Knights of Columbus Asset Advisors LLC Lowers Position in Cummins Inc. $CMI

Knights of Columbus Asset Advisors LLC decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 6.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,640 shares of the company’s stock after selling 2,406 shares during the quarter. Cummins comprises about 1.0% of Knights of Columbus Asset Advisors LLC’s portfolio, making the stock its 15th largest holding. Knights of Columbus Asset Advisors LLC’s holdings in Cummins were worth $18,192,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its stake in 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 worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Boston Partners purchased a new position in shares of Cummins during the third quarter valued at about $473,471,000. London Co. of Virginia bought a new stake in shares of Cummins in the third quarter worth about $231,732,000. Bank of New York Mellon Corp increased its holdings in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares during the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after buying an additional 278,350 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This represents a 29.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,633 shares of company stock worth $11,653,357 over the last ninety days. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on CMI shares. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday. Wells Fargo & Company increased their target price on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $700.50.

Cummins Price Performance

CMI opened at $668.64 on Wednesday. The business has a fifty day moving average of $616.71 and a 200 day moving average of $566.52. The stock has a market cap of $92.27 billion, a P/E ratio of 34.70, a PEG ratio of 1.58 and a beta of 1.27. 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 Inc. has a 52-week low of $307.90 and a 52-week high of $718.08.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $5.96 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 28.93 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

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.