Boston Common Asset Management LLC Trims Stake in Cummins Inc. $CMI

Boston Common Asset Management LLC lessened its position in Cummins Inc. (NYSE:CMI) by 7.3% in the fourth quarter, HoldingsChannel reports. The firm owned 20,652 shares of the company’s stock after selling 1,615 shares during the quarter. Boston Common Asset Management LLC’s holdings in Cummins were worth $10,542,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CMI. Gilbert & Cook Inc. raised its holdings in Cummins by 1.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after purchasing an additional 19 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its holdings in shares of Cummins by 2.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock valued at $501,000 after buying an additional 20 shares in the last quarter. United Capital Management of KS Inc. grew its position in shares of Cummins by 2.0% in the 3rd quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock worth $485,000 after buying an additional 22 shares during the period. Betterment LLC grew its position in shares of Cummins by 3.5% in the 3rd quarter. Betterment LLC now owns 673 shares of the company’s stock worth $284,000 after buying an additional 23 shares during the period. Finally, Stock Yards Bank & Trust Co. increased its stake in shares of Cummins by 0.4% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after acquiring an additional 24 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of CMI stock opened at $511.22 on Tuesday. The company has a market capitalization of $70.63 billion, a price-to-earnings ratio of 24.91, a price-to-earnings-growth ratio of 1.66 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company’s 50-day moving average is $569.65 and its 200 day moving average is $507.34.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the company earned $5.16 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.6%. Cummins’s dividend payout ratio is 38.99%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Citigroup boosted their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Wells Fargo & Company lifted their target price on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Argus set a $696.00 price target on Cummins in a research report on Tuesday, February 10th. Finally, Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a research report on Monday, January 26th. Eleven investment 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Insiders Place Their Bets

In other Cummins news, Director William I. Miller sold 18,107 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,195 shares of company stock worth $18,397,489 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Cummins Company 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.