American International Group Inc. Reduces Stock Position in Cummins Inc. (NYSE:CMI)

American International Group Inc. lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,169 shares of the company’s stock after selling 833 shares during the quarter. American International Group Inc.’s holdings in Cummins were worth $8,905,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Rafferty Asset Management LLC grew its position in shares of Cummins by 10.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 11,271 shares of the company’s stock worth $2,575,000 after buying an additional 1,032 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cummins during the 3rd quarter worth $1,084,000. Invesco Ltd. grew its position in shares of Cummins by 7.6% during the 3rd quarter. Invesco Ltd. now owns 701,741 shares of the company’s stock worth $160,320,000 after buying an additional 49,380 shares in the last quarter. Glenview Trust co grew its position in shares of Cummins by 35.8% during the 3rd quarter. Glenview Trust co now owns 2,769 shares of the company’s stock worth $633,000 after buying an additional 730 shares in the last quarter. Finally, CI Investments Inc. grew its position in shares of Cummins by 3.1% during the 3rd quarter. CI Investments Inc. now owns 2,667 shares of the company’s stock worth $609,000 after buying an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen upped their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Robert W. Baird decreased their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $284.36.

Insider Activity

In other news, VP Marvin Boakye acquired 1,745 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Marvin Boakye acquired 1,745 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Trading Up 1.4 %

Cummins stock opened at $273.72 on Wednesday. The stock has a 50-day moving average of $284.89 and a two-hundred day moving average of $266.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The stock has a market cap of $37.44 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 1.66 and a beta of 1.02.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. On average, research analysts anticipate that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Cummins Company 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.