Boston Common Asset Management LLC Sells 6,292 Shares of Cummins Inc. $CMI

Boston Common Asset Management LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 21.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 23,548 shares of the company’s stock after selling 6,292 shares during the period. Boston Common Asset Management LLC’s holdings in Cummins were worth $7,712,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CMI. Olde Wealth Management LLC purchased a new position in shares of Cummins in the first quarter worth about $30,000. Accredited Wealth Management LLC purchased a new position in shares of Cummins in the first quarter worth about $31,000. Opal Wealth Advisors LLC purchased a new position in shares of Cummins in the first quarter worth about $37,000. Richardson Financial Services Inc. purchased a new position in shares of Cummins in the first quarter worth about $39,000. Finally, Costello Asset Management INC purchased a new position in shares of Cummins in the first quarter worth about $40,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMI. Citigroup lifted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Finally, Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $393.57.

Cummins Price Performance

CMI stock opened at $432.87 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a one year low of $260.02 and a one year high of $437.66. The stock has a market cap of $59.65 billion, a PE ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04. The firm has a 50 day simple moving average of $400.74 and a two-hundred day simple moving average of $345.95.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the previous year, the company earned $5.26 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is presently 37.61%.

Insiders Place Their Bets

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were 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 $8,354,925.44. The trade was a 19.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is owned by corporate insiders.

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.