Robeco Institutional Asset Management B.V. Acquires 62,107 Shares of Cummins Inc. $CMI

Robeco Institutional Asset Management B.V. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 6.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,026,782 shares of the company’s stock after buying an additional 62,107 shares during the quarter. Cummins makes up 0.6% of Robeco Institutional Asset Management B.V.’s portfolio, making the stock its 26th largest position. Robeco Institutional Asset Management B.V.’s holdings in Cummins were worth $530,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in Cummins during the 2nd quarter valued at about $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins during the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in Cummins during the second quarter valued at approximately $973,198,000. Legal & General Group Plc acquired a new stake in Cummins in the second quarter valued at approximately $666,635,000. Finally, Amundi grew its holdings in Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Saturday. Citigroup lowered their price objective on Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Finally, Truist Financial decreased their target price on Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a report on Monday, October 5th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $703.18.

Cummins Stock Up 2.5%

CMI stock opened at $535.42 on Wednesday. The firm’s fifty day simple moving average is $551.71 and its 200-day simple moving average is $620.41. The company has a market capitalization of $73.71 billion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 1.38 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 12 month low of $407.57 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the business earned $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.