Desjardins Global Asset Management Inc. Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Desjardins Global Asset Management Inc. lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 23.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 981 shares of the company’s stock after selling 296 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Cummins were worth $235,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. OFI Invest Asset Management purchased a new position in shares of Cummins in the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins in the third quarter valued at approximately $28,000. Global Wealth Strategies & Associates acquired a new stake in shares of Cummins in the third quarter valued at approximately $29,000. Tyler Stone Wealth Management acquired a new stake in shares of Cummins in the second quarter valued at approximately $30,000. Finally, Quarry LP acquired a new stake in shares of Cummins in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. TD Cowen increased their price target on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. Finally, Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $279.70.

Insider Activity

In other news, Director Daniel William Fisher acquired 562 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

Cummins Price Performance

CMI stock opened at $291.42 on Friday. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The business has a fifty day moving average of $279.54 and a two-hundred day moving average of $247.93. The stock has a market cap of $39.85 billion, a price-to-earnings ratio of 56.26, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the firm posted $4.52 earnings per share. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. Cummins’s payout ratio is presently 129.73%.

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.