ABN AMRO Bank N.V. Has $24.13 Million Position in Cummins Inc. $CMI

Key Points

• ABN AMRO Bank N.V. cut its Cummins stake by 49.9% in the first quarter, selling about half its shares and leaving it with 46,470 shares valued at roughly $24.13 million.
• Wall Street sentiment remains positive on Cummins, with analysts maintaining mostly Buy ratings and an average price target of $731.86; recent targets include Wells Fargo at $874 and Raymond James at $745.
• Cummins posted solid quarterly results, beating EPS expectations with $6.15 per share and modest revenue growth to $8.40 billion, while also paying a $2.00 quarterly dividend that annualizes to $8.00 per share.

ABN AMRO Bank N.V. cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 49.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,470 shares of the company's stock after selling 46,352 shares during the quarter. ABN AMRO Bank N.V.'s holdings in Cummins were worth $24,129,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new position in shares of Cummins in the 4th quarter valued at approximately $863,441,000. Boston Partners bought a new stake in Cummins during the 3rd quarter worth approximately $473,471,000. London Co. of Virginia acquired a new stake in Cummins during the 3rd quarter worth approximately $231,732,000. Finally, SG Americas Securities LLC raised its holdings in Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock worth $396,343,000 after buying an additional 530,812 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Evercore restated an "outperform" rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Zacks Research raised shares of Cummins from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Wall Street Zen cut Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Finally, Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $731.86.

Cummins Price Performance

Shares of Cummins stock opened at $686.26 on Friday. 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 stock has a market capitalization of $94.70 billion, a price-to-earnings ratio of 35.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.23. Cummins Inc. has a twelve month low of $322.45 and a twelve month high of $737.76. The company has a 50-day simple moving average of $672.37 and a two-hundred day simple moving average of $597.71.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period last year, the firm earned $5.96 earnings per share. The business's revenue for the quarter was up 2.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Donald G. Jackson sold 730 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company's stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by company insiders.

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.

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