Exane Derivatives Lowers Holdings in Cummins Inc. (NYSE:CMI)

Exane Derivatives cut its holdings in Cummins Inc. (NYSE:CMIGet Rating) by 86.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 356 shares of the company’s stock after selling 2,322 shares during the period. Exane Derivatives’ holdings in Cummins were worth $69,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Cummins in the 4th quarter worth approximately $302,269,000. BlackRock Inc. increased its stake in Cummins by 4.6% in the 1st quarter. BlackRock Inc. now owns 12,299,282 shares of the company’s stock worth $2,522,705,000 after acquiring an additional 544,899 shares during the last quarter. Castleview Partners LLC bought a new stake in Cummins in the 4th quarter worth approximately $2,214,000. First Trust Advisors LP increased its stake in Cummins by 21.2% in the 1st quarter. First Trust Advisors LP now owns 1,430,972 shares of the company’s stock worth $293,507,000 after acquiring an additional 250,062 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Cummins by 85.0% in the 4th quarter. Millennium Management LLC now owns 533,192 shares of the company’s stock worth $116,311,000 after acquiring an additional 244,928 shares during the last quarter. 80.98% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $210.76 on Thursday. The stock’s fifty day moving average is $216.29 and its two-hundred day moving average is $205.93. The company has a market capitalization of $29.72 billion, a PE ratio of 14.76, a price-to-earnings-growth ratio of 1.36 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.36. Cummins Inc. has a 52 week low of $184.27 and a 52 week high of $247.48.

Cummins (NYSE:CMIGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $4.77 EPS for the quarter, beating the consensus estimate of $4.37 by $0.40. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.48 billion. Cummins had a return on equity of 23.41% and a net margin of 8.26%. Cummins’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.15 EPS. As a group, analysts expect that Cummins Inc. will post 18.03 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were issued a $1.57 dividend. This represents a $6.28 annualized dividend and a dividend yield of 2.98%. This is a boost from Cummins’s previous quarterly dividend of $1.45. The ex-dividend date of this dividend was Thursday, August 18th. Cummins’s dividend payout ratio is currently 43.98%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on Cummins in a research note on Thursday, August 18th. They issued a “neutral” rating on the stock. Sanford C. Bernstein downgraded Cummins from an “outperform” rating to a “market perform” rating and cut their target price for the company from $238.00 to $190.00 in a research report on Wednesday, July 20th. Citigroup boosted their target price on Cummins from $220.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, August 16th. Deutsche Bank Aktiengesellschaft cut their target price on Cummins from $232.00 to $216.00 and set a “hold” rating on the stock in a research report on Wednesday, July 13th. Finally, Cowen cut their target price on Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $241.22.

Insiders Place Their Bets

In other Cummins news, insider Srikanth Padmanabhan sold 6,020 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the sale, the insider now directly owns 22,020 shares in the company, valued at approximately $4,888,660.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Sharon R. Barner sold 3,115 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $225.11, for a total transaction of $701,217.65. Following the completion of the sale, the vice president now directly owns 16,348 shares in the company, valued at approximately $3,680,098.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Srikanth Padmanabhan sold 6,020 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the sale, the insider now owns 22,020 shares of the company’s stock, valued at $4,888,660.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,001 shares of company stock worth $3,157,774. 1.05% of the stock is currently owned by company insiders.

About Cummins

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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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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