Rockefeller Capital Management L.P. Sells 1,629 Shares of Cummins Inc. $CMI

Rockefeller Capital Management L.P. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,439 shares of the company’s stock after selling 1,629 shares during the period. Rockefeller Capital Management L.P.’s holdings in Cummins were worth $17,665,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the last quarter. Geode Capital Management LLC grew its holdings in Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the period. Northern Trust Corp increased its position in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after buying an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after acquiring an additional 8,487 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $465.27 on Wednesday. The company has a market capitalization of $64.22 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.05 and a beta of 1.07. The business has a 50 day moving average of $431.01 and a 200 day moving average of $378.40. 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 1-year low of $260.02 and a 1-year high of $484.84.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $5.86 earnings per share. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insiders Place Their Bets

In other news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 36,820 shares of company stock valued at $16,463,263 over the last three months. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Wells Fargo & Company initiated coverage on Cummins in a research report on Thursday, November 13th. They set an “overweight” rating and a $599.00 target price for the company. Finally, Citigroup upped their price objective on shares of Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $445.93.

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.