Robeco Institutional Asset Management B.V. Increases Holdings in Cummins Inc. (NYSE:CMI)

Robeco Institutional Asset Management B.V. raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 23.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 436,624 shares of the company's stock after purchasing an additional 83,283 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.32% of Cummins worth $136,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. BankPlus Trust Department purchased a new position in Cummins in the fourth quarter worth $26,000. Meeder Asset Management Inc. boosted its holdings in shares of 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 purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in shares of Cummins during the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new position in shares of Cummins during the 4th quarter valued at about $30,000. Finally, Capital A Wealth Management LLC bought a new stake in Cummins in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Citigroup reaffirmed a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday. Finally, Evercore ISI lowered their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of "Hold" and an average target price of $358.08.

Cummins Stock Up 1.9%

Shares of NYSE CMI traded up $6.10 during mid-day trading on Thursday, hitting $324.85. 1,003,967 shares of the stock traded hands, compared to its average volume of 776,362. The company has a market cap of $44.75 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.95 and a beta of 1.04. The stock has a fifty day moving average price of $313.19 and a 200-day moving average price of $333.69. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the firm earned $5.08 EPS. The company's revenue was down 2.7% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. Cummins's payout ratio is 36.22%.

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.