Lazard Asset Management LLC Trims Position in Cummins Inc. (NYSE:CMI)

Lazard Asset Management LLC lessened its position in shares of Cummins Inc. (NYSE:CMIGet Rating) by 13.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,046 shares of the company’s stock after selling 654 shares during the quarter. Lazard Asset Management LLC’s holdings in Cummins were worth $782,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Cummins by 4.6% in the first quarter. BlackRock Inc. now owns 12,299,282 shares of the company’s stock worth $2,522,705,000 after buying an additional 544,899 shares during the period. First Trust Advisors LP raised its stake in Cummins by 21.2% during 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 period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Cummins by 151.7% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,542 shares of the company’s stock worth $73,260,000 after acquiring an additional 228,142 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Cummins by 90.4% in the first quarter. Panagora Asset Management Inc. now owns 366,892 shares of the company’s stock worth $75,253,000 after purchasing an additional 174,184 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after purchasing an additional 173,139 shares in the last quarter. Hedge funds and other institutional investors own 80.98% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 543 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $237.88, for a total value of $129,168.84. Following the completion of the sale, the chief financial officer now directly owns 11,222 shares of the company’s stock, valued at approximately $2,669,489.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Mark Andrew Smith sold 543 shares of the stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $237.88, for a total value of $129,168.84. Following the sale, the chief financial officer now owns 11,222 shares of the company’s stock, valued at $2,669,489.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Norman Thomas Linebarger sold 5,291 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $250.03, for a total transaction of $1,322,908.73. Following the completion of the sale, the chairman now owns 137,338 shares of the company’s stock, valued at approximately $34,338,620.14. The disclosure for this sale can be found here. Insiders have sold 110,214 shares of company stock valued at $27,154,095 over the last ninety days. 1.00% of the stock is owned by insiders.

Cummins Stock Performance

NYSE:CMI opened at $250.31 on Friday. The company has a market cap of $35.30 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 1.58 and a beta of 1.05. Cummins Inc. has a 1 year low of $184.27 and a 1 year high of $254.09. The stock’s 50 day simple moving average is $226.02 and its two-hundred day simple moving average is $214.18. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.37 and a quick ratio of 0.84.

Cummins (NYSE:CMIGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $3.21 earnings per share for the quarter, missing the consensus estimate of $4.88 by ($1.67). The business had revenue of $7.33 billion during the quarter, compared to the consensus estimate of $6.96 billion. Cummins had a return on equity of 22.48% and a net margin of 7.32%. As a group, equities analysts anticipate that Cummins Inc. will post 17.35 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 18th will be issued a $1.57 dividend. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s payout ratio is 46.83%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CMI. UBS Group upped their target price on shares of Cummins to $247.00 in a report on Wednesday. JPMorgan Chase & Co. assumed coverage on Cummins in a research note on Thursday, August 18th. They issued a “neutral” rating for the company. Deutsche Bank Aktiengesellschaft lifted their target price on Cummins from $221.00 to $225.00 and gave the company a “hold” rating in a research note on Thursday, October 13th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 4th. Finally, Citigroup lifted their price objective on shares of Cummins to $270.00 in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $244.63.

Cummins Profile

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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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