Candriam S.C.A. Raises Stock Holdings in Cummins Inc. $CMI

Candriam S.C.A. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,187 shares of the company’s stock after acquiring an additional 1,255 shares during the period. Candriam S.C.A.’s holdings in Cummins were worth $5,147,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Vanguard Group Inc. increased its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the period. State Street Corp increased its position in Cummins by 1.4% in the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after acquiring an additional 92,073 shares during the period. Geode Capital Management LLC raised its stake in Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after acquiring an additional 43,720 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Cummins by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after purchasing an additional 142,058 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Cummins in the second quarter valued at approximately $505,941,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CMI shares. Citigroup lifted their price objective on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Argus set a $696.00 price objective on shares of Cummins in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Robert W. Baird set a $580.00 price target on Cummins in a report on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Up 1.9%

Cummins stock opened at $599.19 on Thursday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The firm has a market capitalization of $82.71 billion, a price-to-earnings ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The stock’s fifty day moving average is $546.63 and its two-hundred day moving average is $466.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period in the previous year, the firm earned $5.16 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Insider Transactions at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.41% of the company’s stock.

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.