Cummins Inc. $CMI Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 5.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 980 shares of the company’s stock after selling 56 shares during the period. Cidel Asset Management Inc.’s holdings in Cummins were worth $321,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the period. Northern Trust Corp raised its holdings in shares of Cummins by 1.2% during the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after purchasing an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares during the period. Raymond James Financial Inc. raised its holdings in shares of Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 over the last ninety days. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $411.84 on Monday. The firm has a 50-day moving average price of $411.10 and a 200 day moving average price of $353.38. The firm has a market capitalization of $56.75 billion, a PE ratio of 19.36, a P/E/G ratio of 1.99 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.26 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is currently 37.61%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Barclays increased their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $407.43.

Cummins 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 Accelera. 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 parts and services, as well as remanufactured parts and engines.