Candriam S.C.A. Has $5.11 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• Candriam S.C.A. has increased its stake in Cummins Inc. by 4.6%, owning a total of 16,296 shares valued at approximately $5.11 million.
• Cummins declared a quarterly dividend of $2.00 per share, representing an increase from its previous dividend of $1.82, yielding a total annualized dividend of $8.00.
• Insider transactions included significant stock sales by VP Amy Rochelle Davis and CFO Mark Andrew Smith, reducing their ownership stakes by 19.43% and 17.07%, respectively.

Candriam S.C.A. boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,296 shares of the company's stock after purchasing an additional 720 shares during the quarter. Candriam S.C.A.'s holdings in Cummins were worth $5,108,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Capital A Wealth Management LLC acquired a new position in Cummins in the 4th quarter valued at about $32,000. Olde Wealth Management LLC acquired a new position in shares of Cummins in the first quarter valued at approximately $30,000. Opal Wealth Advisors LLC acquired a new stake in Cummins during the 1st quarter worth approximately $37,000. Richardson Financial Services Inc. bought a new stake in Cummins in the 1st quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new position in Cummins in the 1st quarter valued at $40,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Evercore ISI reissued an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a report on Monday, August 11th. Truist Financial increased their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Robert W. Baird lifted their price target on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cummins has an average rating of "Hold" and an average price target of $370.83.

Cummins Trading Down 0.1%

Shares of CMI stock traded down $0.57 during trading hours on Thursday, hitting $400.84. 76,347 shares of the company's stock traded hands, compared to its average volume of 874,394. The stock has a market cap of $55.23 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The stock's 50 day simple moving average is $359.93 and its 200 day simple moving average is $335.12. 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 Inc. has a 12 month low of $260.02 and a 12 month high of $408.38.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data 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 return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the prior year, the business posted $5.26 earnings per share. Cummins's quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

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

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. The trade was a 17.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,039 shares of company stock worth $10,385,075. Corporate 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.