BNP Paribas Raises Position in Cummins Inc. (NYSE:CMI)

BNP Paribas raised its holdings in Cummins Inc. (NYSE:CMI) by 5.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 982 shares of the company’s stock after buying an additional 50 shares during the period. BNP Paribas’ holdings in Cummins were worth $318,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PFG Investments LLC boosted its position in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after buying an additional 485 shares during the period. CWM LLC boosted its position in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after buying an additional 1,786 shares during the period. Distillate Capital Partners LLC boosted its position in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after buying an additional 59,027 shares during the period. Manning & Napier Advisors LLC purchased a new position in Cummins in the 2nd quarter valued at approximately $16,329,000. Finally, Cetera Advisors LLC boosted its position in Cummins by 162.9% in the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after buying an additional 14,170 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CMI shares. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Citigroup raised their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Price Performance

Shares of NYSE:CMI opened at $370.79 on Thursday. The company’s fifty day moving average price is $340.19 and its 200 day moving average price is $306.22. Cummins Inc. has a 12 month low of $222.75 and a 12 month high of $379.66. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm has a market capitalization of $50.86 billion, a P/E ratio of 24.49, a P/E/G ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $4.73 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Activity

In other news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,456,419.29. The trade was a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

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.