Cummins Inc. $CMI Shares Sold by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 18.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,898 shares of the company’s stock after selling 23,130 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.08% of Cummins worth $43,883,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in shares of Cummins in the third quarter valued at $148,000. Blair William & Co. IL increased its stake in Cummins by 6.9% during the third quarter. Blair William & Co. IL now owns 48,090 shares of the company’s stock worth $20,312,000 after purchasing an additional 3,108 shares during the period. Modern Wealth Management LLC lifted its position in shares of Cummins by 1.5% during the third quarter. Modern Wealth Management LLC now owns 2,302 shares of the company’s stock worth $973,000 after purchasing an additional 34 shares in the last quarter. Ramirez Asset Management Inc. boosted its stake in shares of Cummins by 20.3% in the third quarter. Ramirez Asset Management Inc. now owns 890 shares of the company’s stock valued at $376,000 after purchasing an additional 150 shares during the period. Finally, Aptus Capital Advisors LLC grew its holdings in shares of Cummins by 12.3% in the third quarter. Aptus Capital Advisors LLC now owns 12,483 shares of the company’s stock valued at $5,272,000 after purchasing an additional 1,366 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Raymond James Financial raised their price target on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Wells Fargo & Company upped their price objective on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Barclays boosted their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Robert W. Baird set a $580.00 price target on Cummins in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Down 3.0%

CMI stock opened at $539.59 on Friday. The stock has a market cap of $74.55 billion, a P/E ratio of 26.30, a PEG ratio of 1.71 and a beta of 1.12. 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 twelve month low of $260.02 and a twelve month high of $617.98. The company’s 50 day moving average is $570.78 and its two-hundred day moving average is $490.67.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period last year, the firm posted $5.16 EPS. The company’s revenue was up 1.1% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s payout ratio is 38.99%.

Insiders Place Their Bets

In other news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president owned 7,214 shares in the company, valued at $4,329,337.82. This represents a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.41% of the company’s stock.

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.