Pitcairn Co. Sells 1,341 Shares of Cummins Inc. $CMI

Pitcairn Co. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 44.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,660 shares of the company’s stock after selling 1,341 shares during the period. Pitcairn Co.’s holdings in Cummins were worth $701,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after buying an additional 2,417 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. lifted its holdings in shares of Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC grew its position in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Cummins by 6.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after acquiring an additional 17,566 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday. JPMorgan Chase & Co. boosted their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Argus set a $696.00 price target on Cummins in a report on Tuesday, February 10th. Raymond James Financial raised their price target on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Buying and Selling at Cummins

In other news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by company insiders.

Cummins Trading Down 3.0%

CMI opened at $539.59 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock’s 50 day moving average price is $570.78 and its 200-day moving average price is $490.67. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The stock has a market cap of $74.55 billion, a price-to-earnings ratio of 26.30, a P/E/G ratio of 1.71 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company earned $5.16 EPS. Cummins’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

About Cummins

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.