Banque Cantonale Vaudoise Decreases Stock Position in Cummins Inc. $CMI

Key Points

• Banque Cantonale Vaudoise cut its Cummins stake by 49.8% in the fourth quarter, selling 6,725 shares and leaving it with 6,785 shares worth about $3.46 million.
• Several other institutional investors increased holdings, and 83.46% of Cummins stock is now owned by hedge funds and other institutions.
• Cummins reported better-than-expected quarterly results with EPS of $6.15 vs. $5.63 expected, and it also announced a $2.00 quarterly dividend payable June 4.

Banque Cantonale Vaudoise cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 49.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,785 shares of the company's stock after selling 6,725 shares during the quarter. Banque Cantonale Vaudoise's holdings in Cummins were worth $3,464,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock worth $13,107,000 after acquiring an additional 2,417 shares during the period. Bailard Inc. increased its holdings in shares of Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company's stock worth $25,270,000 after acquiring an additional 4,035 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the period. Accredited Wealth Management LLC increased its holdings in shares of Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock worth $1,352,000 after acquiring an additional 3,100 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock worth $612,715,000 after acquiring an additional 488,430 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the firm's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares of the company's stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 22,397 shares of company stock valued at $14,465,833. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Raymond James Financial raised their target price on shares of Cummins from $585.00 to $675.00 and gave the company an "outperform" rating in a research note on Monday, February 9th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a "market perform" rating in a research note on Friday, February 6th. Zacks Research raised shares of Cummins from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Finally, Weiss Ratings cut shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $677.87.

Cummins Stock Performance

NYSE:CMI opened at $669.22 on Thursday. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average of $608.71 and a 200-day moving average of $560.58. The firm has a market cap of $92.35 billion, a price-to-earnings ratio of 34.73, a price-to-earnings-growth ratio of 1.66 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $5.96 EPS. The business's revenue for the quarter was up 2.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

About Cummins

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.