Boston Common Asset Management LLC Sells 6,292 Shares of Cummins Inc. $CMI

Key Points

• Boston Common Asset Management LLC reduced its holdings in Cummins Inc. by 21.1%, selling 6,292 shares and leaving them with 23,548 shares worth approximately $7.7 million.
• Several institutional investors have increased their stakes in Cummins Inc., with QRG Capital Management raising its stake by 52.2% during the same period.
• Cummins recently declared a quarterly dividend of $2.00 per share, an increase from its previous dividend of $1.82, leading to an annualized dividend of $8.00 and a yield of 1.8%.

Boston Common Asset Management LLC lowered its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 21.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 23,548 shares of the company's stock after selling 6,292 shares during the period. Boston Common Asset Management LLC's holdings in Cummins were worth $7,712,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Quent Capital LLC raised its stake in shares of Cummins by 15.8% during the second quarter. Quent Capital LLC now owns 733 shares of the company's stock valued at $240,000 after acquiring an additional 100 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Cummins by 52.2% during the second quarter. QRG Capital Management Inc. now owns 47,377 shares of the company's stock valued at $15,516,000 after acquiring an additional 16,257 shares during the last quarter. Wallington Asset Management LLC raised its stake in shares of Cummins by 1.1% during the second quarter. Wallington Asset Management LLC now owns 34,720 shares of the company's stock valued at $11,371,000 after acquiring an additional 372 shares during the last quarter. Cape ANN Savings Bank raised its stake in shares of Cummins by 6.4% during the second quarter. Cape ANN Savings Bank now owns 3,390 shares of the company's stock valued at $1,110,000 after acquiring an additional 205 shares during the last quarter. Finally, Fairvoy Private Wealth LLC raised its stake in shares of Cummins by 3.0% during the second quarter. Fairvoy Private Wealth LLC now owns 9,803 shares of the company's stock valued at $3,210,000 after acquiring an additional 281 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Cummins in a research report on Saturday, September 27th. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, Robert W. Baird raised their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $393.57.

Cummins Stock Up 0.1%

CMI opened at $432.87 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company's 50-day moving average is $400.74 and its 200 day moving average is $345.95. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $437.66. The firm has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the firm earned $5.26 earnings per share. The firm's revenue was down 1.7% on a year-over-year basis. 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 declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. 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 dividend yield of 1.8%. Cummins's payout ratio is 37.61%.

Insider Activity at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock valued at $14,159,885 over the last three months. Insiders own 0.41% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.