DekaBank Deutsche Girozentrale reduced its holdings in Cummins Inc. (NYSE:CMI) by 3.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,414 shares of the company’s stock after selling 4,277 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.09% of Cummins worth $30,934,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ellevest Inc. acquired a new position in Cummins during the 4th quarter worth $28,000. Montag A & Associates Inc. acquired a new position in Cummins during the 4th quarter worth $29,000. Veritas Investment Partners UK Ltd. acquired a new position in Cummins during the 4th quarter worth $31,000. Regent Peak Wealth Advisors LLC acquired a new position in Cummins during the 4th quarter worth $32,000. Finally, Perigon Wealth Management LLC acquired a new position in Cummins during the 4th quarter worth $37,000. 81.07% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Mark Andrew Smith sold 352 shares of the firm’s stock in a transaction on Tuesday, February 9th. The shares were sold at an average price of $244.64, for a total value of $86,113.28. Following the completion of the transaction, the chief financial officer now directly owns 6,771 shares of the company’s stock, valued at $1,656,457.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Thaddeus B. Ewald sold 650 shares of the firm’s stock in a transaction on Tuesday, February 9th. The shares were sold at an average price of $244.27, for a total transaction of $158,775.50. Following the completion of the transaction, the vice president now directly owns 9,656 shares of the company’s stock, valued at $2,358,671.12. The disclosure for this sale can be found here. Insiders have sold a total of 11,498 shares of company stock valued at $2,816,552 over the last ninety days. Company insiders own 1.04% of the company’s stock.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Wednesday, February 3rd. The company reported $3.36 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.62. The company had revenue of $5.83 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cummins had a net margin of 8.12% and a return on equity of 20.30%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the business earned $2.56 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 11.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 4th. Stockholders of record on Friday, February 19th were paid a dividend of $1.35 per share. The ex-dividend date was Thursday, February 18th. This represents a $5.40 annualized dividend and a dividend yield of 2.09%. Cummins’s dividend payout ratio is currently 35.88%.
Several research analysts have issued reports on CMI shares. Cowen upped their price objective on Cummins from $239.00 to $243.00 and gave the stock a “market perform” rating in a report on Tuesday, February 9th. Credit Suisse Group upped their target price on shares of Cummins from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, February 5th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on shares of Cummins from $265.00 to $315.00 in a research report on Tuesday, March 16th. Argus upped their target price on shares of Cummins from $246.00 to $281.00 and gave the company a “buy” rating in a research report on Thursday, February 11th. Finally, Citigroup upped their target price on shares of Cummins from $265.00 to $315.00 in a research report on Tuesday, March 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $233.81.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.
Featured Story: Is it Safe to Invest in Commodities?
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.