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

Key Points

• Banque Cantonale Vaudoise increased its Cummins stake by 76.2% in the first quarter, buying 5,169 additional shares and bringing its total holding to 11,954 shares valued at about $6.43 million.
• Cummins reported better-than-expected quarterly results, with EPS of $6.15 versus estimates of $5.63 and revenue of $8.40 billion, slightly ahead of forecasts. Revenue rose 2.7% year over year.
• Analysts remain generally bullish, with Cummins carrying a Moderate Buy consensus rating and an average price target of $731.86. The company also recently paid a quarterly dividend of $2.00 per share, or $8.00 annualized, for a 1.2% yield.

Banque Cantonale Vaudoise lifted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 76.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,954 shares of the company's stock after buying an additional 5,169 shares during the quarter. Banque Cantonale Vaudoise's holdings in Cummins were worth $6,431,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins during the 4th quarter worth about $26,000. Activest Wealth Management grew its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after acquiring an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter valued at about $27,000. Birchwood Financial Partners Inc. acquired a new position in Cummins in the 4th quarter worth about $28,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Evercore reissued an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Sanford C. Bernstein reissued a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Citigroup boosted their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $731.86.

Cummins Stock Down 0.7%

Shares of CMI opened at $694.12 on Thursday. The stock has a 50 day moving average price of $668.44 and a 200 day moving average price of $595.56. Cummins Inc. has a one year low of $317.74 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a market capitalization of $95.78 billion, a price-to-earnings ratio of 36.02, a PEG ratio of 1.71 and a beta of 1.23.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins's payout ratio is presently 41.52%.

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider directly owned 10,404 shares of the company's stock, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company's stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

Cummins 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.

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.