Boston Partners Has $564.57 Million Stock Position in Cummins Inc. $CMI

Boston Partners reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,100,539 shares of the company’s stock after selling 18,861 shares during the period. Boston Partners’ holdings in Cummins were worth $564,566,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. increased its holdings in Cummins by 10,317.7% during the 4th 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 in the last quarter. Norges Bank bought a new position in shares of Cummins in the fourth quarter valued at approximately $863,441,000. London Co. of Virginia bought a new position in shares of Cummins in the third quarter valued at approximately $231,732,000. Nordea Investment Management AB grew its holdings in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after acquiring an additional 278,350 shares in the last quarter. Finally, Merewether Investment Management LP bought a new position in shares of Cummins in the third quarter valued at approximately $91,147,000. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley upped their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $726.14.

Cummins Stock Up 0.6%

Shares of NYSE:CMI opened at $659.77 on Friday. The stock’s 50-day moving average price is $648.43 and its 200-day moving average price is $583.26. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08. The stock has a market capitalization of $91.04 billion, a P/E ratio of 34.24, a price-to-earnings-growth ratio of 1.60 and a beta of 1.23. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for 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%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the firm earned $5.96 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

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.