National Pension Service Grows Stake in Cummins Inc. $CMI

National Pension Service increased its holdings in Cummins Inc. (NYSE:CMI) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,658 shares of the company’s stock after purchasing an additional 1,570 shares during the period. National Pension Service’s holdings in Cummins were worth $75,540,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CMI. Motley Fool Asset Management LLC increased its holdings in shares of Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the last quarter. Applied Finance Capital Management LLC grew its holdings in Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after buying an additional 7,656 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Cummins in the 1st quarter worth approximately $2,749,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Cummins by 6.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after acquiring an additional 17,566 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after acquiring an additional 126,362 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a research report on Wednesday, November 5th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Finally, Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Ten analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $445.93.

Insider Activity at Cummins

In other news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 38,127 shares of company stock worth $16,993,030. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 2.4%

Shares of NYSE CMI opened at $467.79 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $484.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market cap of $64.45 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.05 and a beta of 1.07. The business’s 50 day moving average price is $427.20 and its 200-day moving average price is $373.79.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter in the previous year, the business earned $5.86 EPS. Cummins’s revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Cummins Company Profile

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.