Baader Bank Aktiengesellschaft Trims Stake in Cummins Inc. $CMI

Key Points

• Baader Bank Aktiengesellschaft significantly reduced its holdings in Cummins Inc. by 55.1%, owning 1,199 shares worth $392,000 after selling 1,472 shares.
• Several institutions have increased their stakes in Cummins recently, with Brighton Jones LLC and Vise Technologies Inc. leading with growths of 4.1% and 112.7% respectively.
• Cummins announced a quarterly dividend increase to $2.00 per share, reflecting a positive change from its previous dividend and resulting in an annualized yield of 1.9%.

Baader Bank Aktiengesellschaft reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 55.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,199 shares of the company's stock after selling 1,472 shares during the quarter. Baader Bank Aktiengesellschaft's holdings in Cummins were worth $392,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Woodline Partners LP purchased a new position in Cummins during the 4th quarter worth approximately $2,872,000. Waverly Advisors LLC raised its position in Cummins by 13.8% during the 4th quarter. Waverly Advisors LLC now owns 5,347 shares of the company's stock worth $1,864,000 after buying an additional 648 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its holdings in shares of Cummins by 53.0% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 2,504 shares of the company's stock valued at $873,000 after purchasing an additional 867 shares in the last quarter. Finally, Vise Technologies Inc. increased its holdings in shares of Cummins by 112.7% during the 4th quarter. Vise Technologies Inc. now owns 2,714 shares of the company's stock valued at $946,000 after purchasing an additional 1,438 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on CMI. Evercore ISI reissued an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Citigroup boosted their price target on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cummins has an average rating of "Moderate Buy" and a consensus target price of $389.29.

Insider Activity

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 35,119 shares of company stock valued at $14,159,885. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Down 0.7%

Shares of CMI opened at $423.59 on Friday. The stock has a market capitalization of $58.37 billion, a PE ratio of 19.91, a P/E/G ratio of 2.06 and a beta of 1.02. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $428.96. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company's 50-day simple moving average is $386.60 and its 200-day simple moving average is $339.46.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter in the prior year, the company earned $5.26 earnings per share. The business's quarterly revenue was down 1.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins's payout ratio is currently 37.61%.

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.

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