Epoch Investment Partners Inc. Sells 21,960 Shares of Cummins Inc. $CMI

Key Points

• Epoch Investment Partners Inc. reduced its stake in Cummins Inc. by 6.4%, holding 322,643 shares worth $101.1 million after selling 21,960 shares in Q1.
• Cummins announced a quarterly dividend increase to $2.00 per share, marking an annualized yield of 2.0%, with a dividend payout ratio of 37.61%.
• Shares of Cummins saw a 1.5% decline, with the company reporting a quarterly EPS of $6.43, exceeding analysts' estimates of $5.21.

Epoch Investment Partners Inc. cut its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 322,643 shares of the company's stock after selling 21,960 shares during the period. Epoch Investment Partners Inc. owned about 0.23% of Cummins worth $101,129,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. Brighton Jones LLC increased its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the period. Integrated Wealth Concepts LLC boosted its stake in Cummins by 2.2% in the 4th quarter. Integrated Wealth Concepts LLC now owns 7,820 shares of the company's stock valued at $2,726,000 after buying an additional 167 shares in the last quarter. Capital Analysts LLC boosted its stake in Cummins by 16.0% in the 4th quarter. Capital Analysts LLC now owns 781 shares of the company's stock valued at $272,000 after buying an additional 108 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in Cummins by 2.4% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,612 shares of the company's stock valued at $911,000 after buying an additional 61 shares in the last quarter. Finally, Bellwether Advisors LLC acquired a new stake in Cummins in the 4th quarter valued at $48,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CMI. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Truist Financial boosted their price target on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $370.83.

Cummins Price Performance

Cummins stock traded down $3.49 on Friday, reaching $398.43. The company's stock had a trading volume of 593,343 shares, compared to its average volume of 875,023. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The company has a market cap of $54.90 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 1.94 and a beta of 1.02. The business's fifty day moving average price is $361.68 and its 200 day moving average price is $335.31.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the prior year, the firm posted $5.26 earnings per share. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. Equities 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 will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In related news, CFO Mark Andrew Smith sold 6,500 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's 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 completion of the sale, the vice president owned 20,738 shares of the company's stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,039 shares of company stock valued at $10,385,075 over the last ninety days. Company insiders own 0.41% of the company's stock.

About Cummins

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.