Cummins Inc. $CMI Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC significantly reduced its stake in Cummins Inc. by 82.0%, now holding approximately $27.96 million worth of shares after selling over 406,000 shares in the first quarter.
• Insiders at Cummins, including CFO Mark Andrew Smith, have sold a total of 26,039 shares valued at over $10.38 million in recent transactions, reflecting notable decreases in their ownership stakes.
• Cummins announced a quarterly dividend increase to $2.00 per share, up from $1.82, representing an annualized yield of 1.9%.

Voya Investment Management LLC decreased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 82.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 89,216 shares of the company's stock after selling 406,191 shares during the quarter. Voya Investment Management LLC owned 0.06% of Cummins worth $27,964,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Fox Run Management L.L.C. purchased a new stake in shares of Cummins during the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC purchased a new stake in shares of Cummins in the first quarter worth $440,000. Assenagon Asset Management S.A. raised its position in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after purchasing an additional 1,114 shares during the period. Invesco Ltd. raised its stake in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock valued at $381,129,000 after purchasing an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP raised its stake in Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock valued at $2,428,000 after purchasing an additional 1,241 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Activity

In other news, CFO Mark Andrew Smith sold 6,500 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, 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. Over the last quarter, insiders have sold 35,119 shares of company stock valued at $14,159,885. 0.41% of the stock is owned by company insiders.

Cummins Trading Up 4.1%

Shares of CMI traded up $16.74 during trading hours on Thursday, reaching $428.52. 408,849 shares of the company traded hands, compared to its average volume of 866,935. The firm has a market cap of $59.05 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.01 and a beta of 1.02. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $427.71. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock's fifty day moving average price is $383.16 and its 200 day moving average price is $338.45.

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 during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm's quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.26 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio is currently 37.61%.

Analyst Ratings Changes

A number of analysts have issued reports on CMI shares. Truist Financial lifted their price objective on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Barclays lifted their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Finally, Citigroup lifted their price objective on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Nine investment 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's stock. According to data from MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and a consensus price target of $389.29.

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.