Epoch Investment Partners Inc. Cuts Position in Cummins Inc. $CMI

Epoch Investment Partners Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 71.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,416 shares of the company’s stock after selling 112,630 shares during the period. Epoch Investment Partners Inc.’s holdings in Cummins were worth $23,897,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares during the period. State Street Corp boosted its holdings in Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after acquiring an additional 49,628 shares during the period. Geode Capital Management LLC boosted its holdings in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after acquiring an additional 35,286 shares during the period. Fisher Asset Management LLC grew its position in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after acquiring an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Marvin Boakye sold 3,481 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. UBS Group restated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Truist Financial upped their target price on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Wells Fargo & Company raised their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Price Performance

CMI stock opened at $663.96 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market capitalization of $91.62 billion, a P/E ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22. The business’s 50-day moving average is $672.19 and its two-hundred day moving average is $619.28. Cummins Inc. has a 1 year low of $354.68 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter last year, the business posted $5.96 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, August 21st. Cummins’s payout ratio is presently 41.52%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.