Amundi Lowers Holdings in Cummins Inc. $CMI

Key Points

• Amundi has decreased its holdings in Cummins Inc. by 10.0%, owning approximately 0.50% of the company after selling over 77,000 shares in the first quarter.
• The company recently announced a quarterly dividend of $2.00 per share, an increase from its previous dividend of $1.82, indicating strong shareholder returns.
• Cummins reported a strong earnings performance with $6.43 earnings per share for the last quarter, exceeding analysts' estimates and showcasing a net margin of 8.72%.

Amundi reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 693,693 shares of the company's stock after selling 77,345 shares during the quarter. Amundi owned about 0.50% of Cummins worth $204,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CMI. Federation des caisses Desjardins du Quebec boosted its position in Cummins by 11.2% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 31,837 shares of the company's stock valued at $9,980,000 after buying an additional 3,207 shares during the period. Dark Forest Capital Management LP purchased a new position in Cummins during the 1st quarter valued at about $4,356,000. 1248 Management LLC bought a new stake in shares of Cummins in the 1st quarter worth approximately $83,000. Focus Partners Advisor Solutions LLC increased its holdings in shares of Cummins by 80.0% during the first quarter. Focus Partners Advisor Solutions LLC now owns 4,507 shares of the company's stock valued at $1,413,000 after acquiring an additional 2,003 shares in the last quarter. Finally, Marshfield Associates lifted its stake in shares of Cummins by 0.3% in the first quarter. Marshfield Associates now owns 1,050,534 shares of the company's stock worth $329,279,000 after buying an additional 3,637 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Price Performance

CMI stock traded up $8.99 during trading on Wednesday, reaching $403.77. The company's stock had a trading volume of 194,044 shares, compared to its average volume of 864,589. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company's fifty day moving average is $373.56 and its 200-day moving average is $336.29. The company has a market capitalization of $55.63 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 1.92 and a beta of 1.02. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $408.38.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.26 earnings per share. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. Cummins's payout ratio is currently 37.61%.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Citigroup increased their price target on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Truist Financial upped their price target on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a report on Monday, August 11th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $389.29.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,039 shares of company stock worth $10,385,075 in the last quarter. Company insiders own 0.41% of the company's stock.

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 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.