ING Groep NV Lowers Stake in Cummins Inc. (NYSE:CMI)

ING Groep NV cut its position in shares of Cummins Inc. (NYSE:CMI) by 30.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,933 shares of the company’s stock after selling 4,286 shares during the quarter. ING Groep NV’s holdings in Cummins were worth $2,574,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. NewSquare Capital LLC grew its holdings in Cummins by 3.4% in the first quarter. NewSquare Capital LLC now owns 14,795 shares of the company’s stock valued at $3,833,000 after purchasing an additional 486 shares during the period. Keybank National Association OH lifted its position in Cummins by 27.6% during the first quarter. Keybank National Association OH now owns 225,779 shares of the company’s stock valued at $58,502,000 after buying an additional 48,775 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Cummins by 7.1% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,498 shares of the company’s stock valued at $2,720,000 after buying an additional 697 shares in the last quarter. Sepio Capital LP lifted its position in shares of Cummins by 321.4% during the first quarter. Sepio Capital LP now owns 10,121 shares of the company’s stock worth $2,623,000 after purchasing an additional 7,719 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Cummins by 9,761.8% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 214,297 shares of the company’s stock worth $48,667,000 after purchasing an additional 212,124 shares in the last quarter. Institutional investors and hedge funds own 80.20% of the company’s stock.

Shares of NYSE CMI opened at $252.24 on Friday. Cummins Inc. has a twelve month low of $160.61 and a twelve month high of $277.09. The company has a quick ratio of 1.26, a current ratio of 1.82 and a debt-to-equity ratio of 0.40. The firm has a market cap of $36.96 billion, a P/E ratio of 19.94, a price-to-earnings-growth ratio of 1.45 and a beta of 1.08. The firm has a 50-day simple moving average of $259.68.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Monday, May 3rd. The company reported $4.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.47 by $0.57. Cummins had a net margin of 9.00% and a return on equity of 22.10%. The company had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.38 billion. During the same period in the prior year, the company earned $3.18 EPS. Cummins’s revenue was up 21.6% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 15.96 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 3rd. Shareholders of record on Friday, May 21st were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Thursday, May 20th. Cummins’s dividend payout ratio is presently 44.33%.

CMI has been the topic of several recent analyst reports. BMO Capital Markets upped their price target on shares of Cummins from $235.00 to $270.00 and gave the company a “market perform” rating in a report on Thursday, May 6th. Morgan Stanley boosted their target price on shares of Cummins from $260.00 to $274.00 and gave the company an “equal weight” rating in a research note on Monday, May 10th. Citigroup boosted their target price on shares of Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Bank of America upgraded shares of Cummins from a “neutral” rating to a “buy” rating and set a $325.00 price target for the company in a research report on Monday, May 17th. Finally, Evercore ISI upped their price target on shares of Cummins from $291.00 to $358.00 in a research report on Wednesday, May 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $261.70.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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