ABN AMRO Bank N.V. Has $24.13 Million Stake in Cummins Inc. $CMI

ABN AMRO Bank N.V. reduced its position in Cummins Inc. (NYSE:CMI) by 49.9% during the first quarter, HoldingsChannel reports. The firm owned 46,470 shares of the company’s stock after selling 46,352 shares during the period. ABN AMRO Bank N.V.’s holdings in Cummins were worth $24,129,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the period. Norges Bank acquired a new stake in Cummins during the 4th quarter worth about $863,441,000. Boston Partners bought a new position in shares of Cummins in the 3rd quarter worth about $473,471,000. London Co. of Virginia bought a new position in shares of Cummins in the 3rd quarter worth about $231,732,000. Finally, SG Americas Securities LLC lifted its stake in shares of Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after purchasing an additional 530,812 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CMI shares. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Argus increased their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Raymond James Financial raised their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $731.86.

Cummins Stock Down 5.7%

CMI stock opened at $686.26 on Friday. The firm has a market capitalization of $94.70 billion, a PE ratio of 35.61, a P/E/G ratio of 1.68 and a beta of 1.23. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a twelve month low of $322.45 and a twelve month high of $737.76. The stock’s 50 day moving average is $672.37 and its 200-day moving average is $597.71.

Cummins (NYSE:CMI) last announced its quarterly 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 business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.96 earnings per share. Sell-side analysts expect that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Announces Dividend

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

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.