Groupama Asset Managment Makes New $1.17 Million Investment in Cummins Inc. $CMI

Groupama Asset Managment purchased a new stake in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,764 shares of the company’s stock, valued at approximately $1,167,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Cummins during the 2nd quarter valued at approximately $505,941,000. Boston Partners acquired a new stake in Cummins during the third quarter worth $473,471,000. London Co. of Virginia acquired a new stake in Cummins during the third quarter worth $231,732,000. American Century Companies Inc. raised its position in Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $532.73 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The firm has a market cap of $73.60 billion, a PE ratio of 25.96, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The company’s 50 day moving average is $573.85 and its two-hundred day moving average is $500.13.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

Insider Activity at Cummins

In other Cummins news, VP Earl Newsome sold 1,300 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,195 shares of company stock worth $18,397,489 over the last quarter. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CMI shares. Morgan Stanley reiterated an “overweight” rating and set a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Wells Fargo & Company boosted their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday, February 10th. Finally, Raymond James Financial boosted their price target on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Company Profile

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.