Tocqueville Asset Management L.P. Lowers Holdings in Cummins Inc. (NYSE:CMI)

Tocqueville Asset Management L.P. decreased its position in Cummins Inc. (NYSE:CMI) by 5.0% in the first quarter, Holdings Channel reports. The firm owned 2,699 shares of the company’s stock after selling 141 shares during the period. Tocqueville Asset Management L.P.’s holdings in Cummins were worth $795,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CMI. Norges Bank purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $298,867,000. International Assets Investment Management LLC boosted its holdings in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Cummins by 3.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after purchasing an additional 246,025 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Cummins by 129.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after purchasing an additional 167,485 shares during the period. Finally, Pinebridge Investments L.P. lifted its holdings in Cummins by 1,050.5% during the fourth quarter. Pinebridge Investments L.P. now owns 162,955 shares of the company’s stock worth $39,039,000 after buying an additional 148,791 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI traded down $7.08 during mid-day trading on Friday, hitting $291.15. The stock had a trading volume of 1,763,952 shares, compared to its average volume of 905,895. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a 50 day moving average of $279.68 and a two-hundred day moving average of $273.01. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The firm has a market cap of $39.82 billion, a PE ratio of 21.31, a PEG ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Research analysts predict that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.50%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of analyst reports. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. TD Cowen upped their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $287.18.

Cummins 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 Accelera. 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 parts and services, as well as remanufactured parts and engines.