Cummins Inc. (NYSE:CMI) Shares Bought by Natixis Advisors LLC

Key Points

• Natixis Advisors LLC increased its holdings in Cummins Inc. by 13.9%, acquiring an additional 14,097 shares during the 1st quarter, bringing its total ownership to approximately 115,779 shares valued at $36.29 million.
• Cummins recently declared a quarterly dividend of $2.00 per share, up from the previous $1.82, which represents an annualized payment of $8.00 with a yield of 2.2%.
• The company's quarterly earnings exceeded expectations, reporting $5.96 earnings per share (EPS) against a consensus estimate of $4.92, despite a 2.7% year-over-year decline in revenue.

Natixis Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 115,779 shares of the company's stock after buying an additional 14,097 shares during the quarter. Natixis Advisors LLC owned about 0.08% of Cummins worth $36,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Meeder Asset Management Inc. increased its holdings in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. Olde Wealth Management LLC acquired a new stake in Cummins in the 1st quarter valued at $30,000. Capital A Wealth Management LLC acquired a new stake in Cummins in the 4th quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new position in Cummins in the 1st quarter valued at $37,000. Finally, Richardson Financial Services Inc. purchased a new position in Cummins in the 1st quarter valued at $39,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Citigroup reiterated a "buy" rating and issued a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Finally, Robert W. Baird upped their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $361.92.

Cummins Price Performance

Shares of CMI traded down $11.76 during trading hours on Friday, reaching $355.86. 882,013 shares of the company traded hands, compared to its average volume of 903,707. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $49.02 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 1.98 and a beta of 1.01. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock has a fifty day simple moving average of $334.30 and a 200 day simple moving average of $331.07.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $5.08 EPS. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced 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 represents a $8.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 39.80%.

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.