Raiffeisen Bank International AG Sells 1,476 Shares of Cummins Inc. $CMI

Raiffeisen Bank International AG cut its holdings in Cummins Inc. (NYSE:CMI) by 4.2% during the fourth quarter, HoldingsChannel reports. The firm owned 33,589 shares of the company’s stock after selling 1,476 shares during the period. Raiffeisen Bank International AG’s holdings in Cummins were worth $17,252,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CMI. Thompson Investment Management Inc. bought a new position in shares of Cummins in the fourth quarter worth about $26,000. Activest Wealth Management boosted its holdings in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the fourth quarter valued at approximately $27,000. Ares Financial Consulting LLC acquired a new stake in Cummins during the fourth quarter valued at approximately $29,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter valued at approximately $31,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction 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 represents a 29.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $565.00 to $850.00 in a report on Monday. Citigroup lifted their price objective on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley lifted their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $726.14.

Cummins Price Performance

CMI opened at $655.61 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08. The company has a fifty day simple moving average of $646.26 and a 200 day simple moving average of $582.72. The stock has a market cap of $90.47 billion, a P/E ratio of 34.02, a P/E/G ratio of 1.54 and a beta of 1.23.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 EPS. On average, research analysts expect that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.

Cummins Company Profile

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.