Scopus Asset Management L.P. reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 44.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,729 shares of the company’s stock after selling 23,750 shares during the period. Scopus Asset Management L.P.’s holdings in Cummins were worth $7,703,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. NewSquare Capital LLC lifted its position in Cummins by 3.4% during the 1st quarter. NewSquare Capital LLC now owns 14,795 shares of the company’s stock valued at $3,833,000 after acquiring an additional 486 shares during the period. Keybank National Association OH lifted its position in Cummins by 27.6% during the 1st quarter. Keybank National Association OH now owns 225,779 shares of the company’s stock valued at $58,502,000 after acquiring an additional 48,775 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Cummins by 7.1% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,498 shares of the company’s stock valued at $2,720,000 after acquiring an additional 697 shares during the period. Sepio Capital LP lifted its position in Cummins by 321.4% during the 1st quarter. Sepio Capital LP now owns 10,121 shares of the company’s stock valued at $2,623,000 after acquiring an additional 7,719 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Cummins by 9,761.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 214,297 shares of the company’s stock valued at $48,667,000 after acquiring an additional 212,124 shares during the period. 79.94% of the stock is owned by institutional investors.
Shares of CMI traded down $1.55 during mid-day trading on Thursday, reaching $237.83. The stock had a trading volume of 4,556 shares, compared to its average volume of 853,456. The firm has a market capitalization of $34.85 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 1.31 and a beta of 1.07. Cummins Inc. has a 12 month low of $185.05 and a 12 month high of $277.09. The business’s fifty day moving average price is $248.18. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.26 and a current ratio of 1.82.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 2nd. Shareholders of record on Friday, August 20th will be given a $1.45 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.35. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, August 19th. Cummins’s dividend payout ratio is presently 44.33%.
Several research analysts have issued reports on the stock. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $251.00 target price for the company. in a report on Thursday, July 15th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Cummins from $262.00 to $255.00 and set a “hold” rating for the company in a report on Wednesday, July 14th. Credit Suisse Group lifted their target price on shares of Cummins from $285.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 5th. Evercore ISI lifted their target price on shares of Cummins from $291.00 to $358.00 in a report on Wednesday, May 12th. Finally, Morgan Stanley decreased their target price on shares of Cummins from $274.00 to $271.00 and set an “equal weight” rating for the company in a report on Tuesday, July 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $267.35.
Cummins Company 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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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