Epoch Investment Partners Inc. Lowers Position in Cummins Inc. $CMI

Epoch Investment Partners Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 31.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,046 shares of the company’s stock after selling 72,633 shares during the period. Epoch Investment Partners Inc. owned 0.11% of Cummins worth $80,164,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Thompson Investment Management Inc. purchased a new stake in Cummins in the fourth quarter worth about $26,000. Activest Wealth Management lifted its holdings in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the fourth quarter worth about $27,000. Ares Financial Consulting LLC purchased a new stake in Cummins in the fourth quarter worth about $29,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Cummins in the second quarter worth about $31,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of CMI opened at $659.77 on Friday. The company has a market capitalization of $91.04 billion, a P/E ratio of 34.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.23. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $648.43 and a 200 day moving average of $583.26. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.96 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In related news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at $8,177,519.01. This trade represents a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Barclays raised their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the company from $565.00 to $850.00 in a report on Monday, June 8th. Finally, Citigroup lifted their target price on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $726.14.

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.