Howland Capital Management LLC Trims Stock Position in Cummins Inc. (NYSE:CMI)


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Howland Capital Management LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 9.0% in the 1st quarter, Holdings Channel reports. The firm owned 910 shares of the company’s stock after selling 90 shares during the period. Howland Capital Management LLC’s holdings in Cummins were worth $236,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Cummins in the fourth quarter worth $450,351,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Cummins by 275.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 519,680 shares of the company’s stock worth $118,020,000 after acquiring an additional 381,280 shares during the period. KAMES CAPITAL plc acquired a new position in Cummins during the fourth quarter worth about $63,301,000. Amundi Pioneer Asset Management Inc. grew its position in Cummins by 25.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,327,792 shares of the company’s stock worth $301,469,000 after buying an additional 269,647 shares during the period. Finally, Principal Financial Group Inc. grew its position in Cummins by 119.1% during the fourth quarter. Principal Financial Group Inc. now owns 479,491 shares of the company’s stock worth $108,892,000 after buying an additional 260,681 shares during the period. Hedge funds and other institutional investors own 81.07% of the company’s stock.

In related news, CEO Norman Thomas Linebarger sold 8,389 shares of Cummins stock in a transaction dated Wednesday, February 10th. The shares were sold at an average price of $245.10, for a total value of $2,056,143.90. Following the sale, the chief executive officer now directly owns 99,927 shares in the company, valued at approximately $24,492,107.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark Andrew Smith sold 352 shares of the business’s stock in a transaction dated Tuesday, February 9th. The stock was sold at an average price of $244.64, for a total transaction of $86,113.28. Following the sale, the chief financial officer now owns 6,771 shares in the company, valued at $1,656,457.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,498 shares of company stock worth $2,816,552. 1.04% of the stock is currently owned by insiders.

Several equities analysts recently issued reports on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on shares of Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Argus increased their price objective on shares of Cummins from $246.00 to $281.00 and gave the stock a “buy” rating in a research report on Thursday, February 11th. Cowen raised their price target on shares of Cummins from $239.00 to $243.00 and gave the company a “market perform” rating in a report on Tuesday, February 9th. Vertical Research started coverage on shares of Cummins in a report on Wednesday, January 20th. They set a “hold” rating for the company. Finally, Citigroup raised their price target on shares of Cummins from $265.00 to $315.00 in a report on Tuesday, March 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $243.68.

Cummins stock opened at $253.62 on Tuesday. The firm’s 50-day moving average is $261.29 and its 200-day moving average is $241.62. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.33 and a current ratio of 1.94. Cummins Inc. has a 1 year low of $143.32 and a 1 year high of $277.09. The company has a market cap of $37.17 billion, a P/E ratio of 23.93, a PEG ratio of 1.94 and a beta of 1.09.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Wednesday, February 3rd. The company reported $3.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.74 by $0.62. The firm had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cummins had a net margin of 8.12% and a return on equity of 20.30%. Cummins’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $2.56 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 11.41 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 4th. Investors of record on Friday, February 19th were given a $1.35 dividend. The ex-dividend date was Thursday, February 18th. This represents a $5.40 annualized dividend and a yield of 2.13%. Cummins’s dividend payout ratio is presently 35.88%.

Cummins Company Profile

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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