American Century Companies Inc. Sells 69,281 Shares of Cummins Inc. $CMI

American Century Companies Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 7.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 840,372 shares of the company’s stock after selling 69,281 shares during the period. American Century Companies Inc. owned 0.61% of Cummins worth $354,949,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CMI. Huntington National Bank increased its stake in shares of Cummins by 5.2% in the 3rd quarter. Huntington National Bank now owns 11,922 shares of the company’s stock worth $5,035,000 after purchasing an additional 586 shares in the last quarter. Accredited Wealth Management LLC grew its holdings in Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after purchasing an additional 3,100 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in Cummins by 49.7% during the third quarter. Aster Capital Management DIFC Ltd now owns 1,286 shares of the company’s stock valued at $543,000 after purchasing an additional 427 shares during the period. 1ST Source Bank raised its stake in shares of Cummins by 3.4% in the third quarter. 1ST Source Bank now owns 1,800 shares of the company’s stock worth $760,000 after buying an additional 60 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in shares of Cummins by 9.0% in the third quarter. Handelsbanken Fonder AB now owns 1,595 shares of the company’s stock worth $674,000 after buying an additional 132 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $584.37 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average price of $566.52 and a 200 day moving average price of $484.51. The stock has a market cap of $80.74 billion, a PE ratio of 28.48, a P/E/G ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $5.16 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CMI shares. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a report on Monday, January 26th. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Argus set a $696.00 price target on Cummins in a research note on Tuesday, February 10th. Finally, Raymond James Financial boosted their price objective on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insiders Place Their Bets

In other news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 1,864 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $586.64, for a total transaction of $1,093,496.96. Following the completion of the transaction, the vice president owned 17,827 shares in the company, valued at approximately $10,458,031.28. The trade was a 9.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 27,141 shares of company stock valued at $16,121,817. Insiders own 0.41% of the company’s stock.

Cummins 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.