Beutel Goodman & Co Ltd. Sells 17,415 Shares of Cummins Inc. $CMI

Beutel Goodman & Co Ltd. decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 589,186 shares of the company's stock after selling 17,415 shares during the period. Beutel Goodman & Co Ltd. owned 0.43% of Cummins worth $192,958,000 as of its most recent filing with the Securities & Exchange Commission.

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Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Cummins in the 2nd quarter valued at approximately $505,941,000. Raymond James Financial Inc. increased its stake in Cummins by 152.3% during the 1st 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 in the last quarter. American Century Companies Inc. raised its holdings in shares of Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company's stock worth $297,912,000 after buying an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board raised its holdings in shares of Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company's stock worth $142,777,000 after buying an additional 427,670 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after buying an additional 424,294 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Jennifer Rumsey sold 4,570 shares of the business's stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares of the company's stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 36,410 shares of company stock valued at $16,424,574 in the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

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Shares of NYSE CMI opened at $510.43 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The firm has a fifty day moving average of $448.98 and a 200 day moving average of $392.04. The firm has a market cap of $70.46 billion, a PE ratio of 26.49, a PEG ratio of 2.00 and a beta of 1.11. Cummins Inc. has a one year low of $260.02 and a one year high of $515.64.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $5.86 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

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The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Friday, November 21st. Cummins's dividend payout ratio (DPR) is 41.52%.

Analyst Ratings Changes

CMI has been the topic of several research reports. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Sanford C. Bernstein reiterated a "market perform" rating and set a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Argus lifted their price objective on shares of Cummins from $459.00 to $573.00 and gave the company a "buy" rating in a research note on Tuesday, November 25th. Finally, JPMorgan Chase & Co. increased their price target on Cummins from $400.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $476.75.

View Our Latest Report on Cummins

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.

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