Cummins Inc. $CMI Shares Sold by Robeco Institutional Asset Management B.V.

by · The Markets Daily

Robeco Institutional Asset Management B.V. reduced its stake in Cummins Inc. (NYSE:CMI – Free Report) by 11.9% during the 3rd quarter, Holdings Channel reports. The fund owned 290,112 shares of the company’s stock after selling 39,302 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Cummins were worth $122,535,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Longboard Asset Management LP purchased a new position in Cummins in the 3rd quarter valued at about $234,000. KG&L Capital Management LLC raised its position in shares of Cummins by 5.6% in the third quarter. KG&L Capital Management LLC now owns 4,505 shares of the company’s stock valued at $1,884,000 after buying an additional 237 shares during the last quarter. Ellis Investment Partners LLC acquired a new position in shares of Cummins in the third quarter valued at approximately $244,000. OLD Second National Bank of Aurora lifted its stake in shares of Cummins by 2.5% during the third quarter. OLD Second National Bank of Aurora now owns 16,982 shares of the company’s stock valued at $7,173,000 after buying an additional 414 shares during the period. Finally, River Street Advisors LLC boosted its position in Cummins by 4.0% during the third quarter. River Street Advisors LLC now owns 6,944 shares of the company’s stock worth $2,933,000 after acquiring an additional 265 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on CMI. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. Barclays reiterated a “positive” rating on shares of Cummins in a research note on Friday, December 19th. Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price on the stock in a research report on Monday, December 22nd. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $475.00 price target on shares of Cummins in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $492.75.

Get Our Latest Analysis on CMI

Cummins Price Performance

Shares of Cummins stock opened at $546.23 on Wednesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $547.43. The stock has a market capitalization of $75.40 billion, a P/E ratio of 28.35, a PEG ratio of 1.86 and a beta of 1.12. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The business’s fifty day moving average price is $492.16 and its 200 day moving average price is $424.34.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $5.86 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were issued a dividend of $2.00 per share. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s payout ratio is presently 41.52%.

Cummins Company Profile

(Free Report)

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.

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