BNP PARIBAS ASSET MANAGEMENT Holding S.A. Has $58.86 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• BNP Paribas Asset Management Holding S.A. reduced its stake in Cummins Inc. by 2.3%, now holding $58.86 million worth of stock.
• Cummins recently announced a quarterly dividend increase to $2.00 per share, representing a 2.0% yield with a dividend payout ratio of 34.23%.
• Analysts have raised price targets for Cummins shares, with Goldman Sachs upgrading the stock to "buy" and increasing the target from $410 to $431.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,793 shares of the company's stock after selling 4,458 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned approximately 0.14% of Cummins worth $58,860,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new position in Cummins in the 1st quarter worth approximately $30,000. Capital A Wealth Management LLC bought a new stake in shares of Cummins during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $37,000. Richardson Financial Services Inc. bought a new stake in shares of Cummins during the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins during the first quarter valued at approximately $40,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

NYSE:CMI traded up $7.8750 during trading hours on Friday, reaching $402.0750. The company had a trading volume of 775,167 shares, compared to its average volume of 883,282. The stock has a 50-day moving average of $353.38 and a two-hundred day moving average of $334.27. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The firm has a market capitalization of $55.40 billion, a PE ratio of 18.90, a PEG ratio of 1.93 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion for 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 revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.26 earnings per share. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is presently 37.61%.

Insider Buying and Selling

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 520 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $388.13, for a total value of $201,827.60. Following the completion of the transaction, the vice president directly owned 15,130 shares in the company, valued at approximately $5,872,406.90. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,179 shares of company stock valued at $9,636,871. Insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CMI. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research report on Monday, August 11th. Citigroup boosted their price objective on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group upgraded 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 research report on Tuesday, May 27th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Finally, Morgan Stanley boosted their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $370.83.

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.