Ameriprise Financial Inc. Sells 146,449 Shares of Cummins Inc. $CMI

Ameriprise Financial Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 9.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,384,458 shares of the company’s stock after selling 146,449 shares during the period. Ameriprise Financial Inc. owned about 1.00% of Cummins worth $584,957,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Creative Planning raised its holdings in shares of Cummins by 5.0% in the 3rd quarter. Creative Planning now owns 71,189 shares of the company’s stock valued at $30,068,000 after purchasing an additional 3,373 shares during the period. SummitTX Capital L.P. grew its holdings in Cummins by 459.1% during the third quarter. SummitTX Capital L.P. now owns 33,666 shares of the company’s stock worth $14,220,000 after purchasing an additional 27,645 shares during the period. AQR Capital Management LLC increased its position in Cummins by 2.8% during the third quarter. AQR Capital Management LLC now owns 659,376 shares of the company’s stock worth $276,167,000 after buying an additional 17,798 shares during the last quarter. Zacks Investment Management increased its position in Cummins by 0.9% during the third quarter. Zacks Investment Management now owns 153,309 shares of the company’s stock worth $64,753,000 after buying an additional 1,306 shares during the last quarter. Finally, Credit Agricole S A bought a new stake in Cummins in the third quarter valued at approximately $24,998,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $535.58 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The firm has a market cap of $74.00 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 1.70 and a beta of 1.12. The stock’s fifty day moving average price is $574.09 and its two-hundred day moving average price is $496.58. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98.

Cummins (NYSE:CMI) last posted its earnings results 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. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter last year, the firm earned $5.16 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Insider Buying and Selling

In related news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock valued at $18,397,489 in the last ninety days. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CMI shares. Barclays lifted their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Robert W. Baird set a $580.00 price target on Cummins in a report on Friday, February 6th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Finally, 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. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

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.