Sienna Gestion Has $12.34 Million Position in Cummins Inc. (NYSE:CMI)

Key Points

• Sienna Gestion has decreased its holdings in Cummins Inc. by 5.5%, now owning 40,496 shares valued at approximately $12,338,000, making it the firm's 22nd largest holding.
• Cummins announced a quarterly dividend of $2.00 per share, representing an annualized dividend of $8.00 and a yield of 2.0%, which is an increase from the previous dividend.
• Research analysts currently have a consensus rating of "Hold" for Cummins, with a consensus price target of $370.83, amid various adjustments to price objectives by different firms.

Sienna Gestion reduced its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 40,496 shares of the company's stock after selling 2,361 shares during the period. Cummins comprises about 1.0% of Sienna Gestion's investment portfolio, making the stock its 22nd biggest position. Sienna Gestion's holdings in Cummins were worth $12,338,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Olde Wealth Management LLC purchased a new position in shares of Cummins during the 1st quarter valued at about $30,000. Capital A Wealth Management LLC purchased a new position in Cummins during the fourth quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in Cummins in the first quarter worth approximately $37,000. Richardson Financial Services Inc. bought a new position in shares of Cummins in the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins during the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on CMI shares. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Robert W. Baird boosted their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Barclays lifted their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Finally, Wolfe Research raised Cummins from a "peer perform" rating to an "outperform" rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $370.83.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 520 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $388.13, for a total value of $201,827.60. Following the sale, the vice president directly owned 15,130 shares of the company's stock, valued at approximately $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,872 shares of company stock valued at $9,107,105. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Down 1.6%

Shares of Cummins stock traded down $6.35 during trading hours on Friday, reaching $398.45. 701,253 shares of the company were exchanged, compared to its average volume of 1,050,250. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a market cap of $54.90 billion, a PE ratio of 18.73, a PEG ratio of 1.95 and a beta of 1.02. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $408.38. The stock's fifty day moving average is $347.51 and its 200 day moving average is $332.91.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share 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 analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.26 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 34.23%.

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.