Bessemer Group Inc. Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Bessemer Group Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 46.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 7,810 shares of the company’s stock after selling 6,856 shares during the period. Bessemer Group Inc.’s holdings in Cummins were worth $2,447,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Meeder Asset Management Inc. increased its position in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new stake in shares of Cummins during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins during the fourth quarter valued at approximately $30,000. Capital A Wealth Management LLC bought a new stake in Cummins in the 4th quarter worth approximately $32,000. Finally, Providence First Trust Co bought a new stake in Cummins in the 4th quarter worth approximately $35,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.6%

Shares of CMI stock opened at $326.06 on Friday. The stock has a market cap of $44.92 billion, a P/E ratio of 16.22, a PEG ratio of 1.95 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The company’s fifty day simple moving average is $314.95 and its two-hundred day simple moving average is $332.93.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.08 EPS. Analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is currently 36.22%.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. Robert W. Baird cut their target price on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI cut their price objective on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Finally, Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average price target of $358.08.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now owns 2,441 shares of the company’s stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.41% of the company’s stock.

About Cummins

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.