Erste Asset Management GmbH Reduces Stake in Cummins Inc. $CMI

Erste Asset Management GmbH lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,366 shares of the company’s stock after selling 3,134 shares during the period. Erste Asset Management GmbH’s holdings in Cummins were worth $10,792,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Fox Run Management L.L.C. purchased a new stake in Cummins in the first quarter worth $2,749,000. Alpha Cubed Investments LLC bought a new stake in Cummins in the 1st quarter valued at about $440,000. Assenagon Asset Management S.A. lifted its holdings in Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Invesco Ltd. boosted its position in Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP increased its stake in shares of Cummins by 19.1% in the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after purchasing an additional 1,241 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on CMI. JPMorgan Chase & Co. upped their price target on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Truist Financial increased their target price on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $370.83.

Cummins Price Performance

Shares of NYSE CMI opened at $396.1750 on Thursday. The stock’s 50-day simple moving average is $351.98 and its two-hundred day simple moving average is $333.95. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The firm has a market capitalization of $54.59 billion, a P/E ratio of 18.63, a P/E/G ratio of 1.96 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.26 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. Cummins’s dividend payout ratio is 34.23%.

Insider Activity at Cummins

In related news, VP Jennifer Mary Bush sold 520 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $388.13, for a total value of $201,827.60. Following the completion of the transaction, the vice president directly owned 15,130 shares in the company, valued at approximately $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,179 shares of company stock worth $9,636,871 in the last three months. 0.41% of the stock is owned by insiders.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.