Federation des caisses Desjardins du Quebec Has $9.98 Million Position in Cummins Inc. $CMI

Key Points

• Federation des caisses Desjardins du Quebec increased its stake in Cummins Inc. by 11.2%, acquiring an additional 3,207 shares, bringing its total holdings to $9,980,000.
• Cummins recently reported $6.43 EPS for the last quarter, surpassing analyst expectations of $5.21 and achieving revenue of $8.64 billion.
• The company declared an increased quarterly dividend of $2.00, representing a yield of 2.0% and a significant rise from the previous $1.82 dividend.

Federation des caisses Desjardins du Quebec increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,837 shares of the company's stock after purchasing an additional 3,207 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in Cummins were worth $9,980,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. GAMMA Investing LLC increased its position in Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after acquiring an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock worth $424,414,000 after buying an additional 817,384 shares during the period. Nuveen LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. grew its position in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock worth $5,417,331,000 after buying an additional 321,823 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Cummins during the 4th quarter worth approximately $45,015,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CMI. Robert W. Baird lifted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Truist Financial lifted their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Citigroup lifted their price objective on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $389.29.

Cummins Stock Down 1.0%

CMI traded down $4.12 during trading on Tuesday, reaching $393.28. 156,916 shares of the stock were exchanged, compared to its average volume of 866,655. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The stock has a market cap of $54.19 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The stock's 50 day moving average price is $372.25 and its two-hundred day moving average price is $335.88. 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 (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $5.26 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed 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. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Insider Buying and Selling at Cummins

In related news, VP Robert Enright sold 1,860 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were 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 owned 955 shares of the company's stock, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly 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 three months. 0.41% of the stock is owned by insiders.

Cummins Company 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.