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

American Century Companies Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 7.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 840,372 shares of the company’s stock after selling 69,281 shares during the quarter. American Century Companies Inc.’s holdings in Cummins were worth $354,949,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares during the period. State Street Corp increased its position in Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares during the period. Geode Capital Management LLC raised its holdings in shares of Cummins by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Cummins by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after purchasing an additional 142,058 shares during the period. Finally, Norges Bank bought a new position in shares of Cummins during the second quarter valued at approximately $505,941,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.6%

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

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $5.16 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. Raymond James Financial upped their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Buying and Selling

In other Cummins news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction dated 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 sale, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 27,141 shares of company stock valued at $16,121,817 in the last ninety days. Company 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.