Mitsubishi UFJ Trust & Banking Corp Lowers Stake in Cummins Inc. $CMI

Key Points

• Mitsubishi UFJ Trust & Banking trimmed its stake in Cummins by 2.5%, selling 1,860 shares and holding 73,052 shares valued at about $37.3 million, while overall institutional ownership stands at about 83.46%.
• Company insiders have been net sellers recently — including a VP and a director — with insiders selling 31,195 shares worth roughly $18.4 million over the past 90 days and insiders now owning just 0.30% of the stock.
• Cummins recently beat quarterly expectations (EPS $5.81 vs. $5.17; revenue $8.54B vs. $8.09B), pays a quarterly $2.00 dividend (annualized $8.00, ~1.3% yield), and carries a consensus analyst rating of “Moderate Buy” with an average price target near $600.27.

Mitsubishi UFJ Trust & Banking Corp reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,052 shares of the company's stock after selling 1,860 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.05% of Cummins worth $37,289,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock worth $13,107,000 after purchasing an additional 2,417 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company's stock worth $47,268,000 after purchasing an additional 2,305 shares during the last quarter. Bailard Inc. raised its position in shares of Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company's stock worth $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC raised its position in shares of Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock worth $1,352,000 after purchasing an additional 3,100 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 1,300 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president owned 3,389 shares of the company's stock, valued at $1,978,057.63. This represents a 27.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company's stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Down 0.5%

CMI stock opened at $638.95 on Thursday. The company has a market cap of $88.28 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 2.09 and a beta of 1.14. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $284.23 and a 12 month high of $665.13. The firm has a 50-day moving average of $579.49 and a two-hundred day moving average of $535.11.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. During the same quarter in the prior year, the company posted $5.16 EPS. The business's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 26.03 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins's dividend payout ratio is 38.99%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent research reports. Argus set a $696.00 price objective on shares of Cummins in a report on Tuesday, February 10th. Wells Fargo & Company increased their price objective on shares of Cummins from $630.00 to $693.00 and gave the company an "overweight" rating in a report on Monday, April 13th. Citigroup increased their price objective on shares of Cummins from $630.00 to $710.00 and gave the company a "buy" rating in a report on Monday, April 13th. UBS Group set a $565.00 price objective on shares of Cummins and gave the company a "neutral" rating in a report on Friday, February 6th. Finally, Robert W. Baird set a $580.00 price objective on shares of Cummins in a report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $600.27.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.