Epoch Investment Partners Inc. Lowers Position in Cummins Inc. $CMI

Epoch Investment Partners Inc. reduced its stake in Cummins Inc. by 4.3% in Q2, owning 308,736 shares worth $101.1M. Other institutional investors adjusted their positions, with Norges Bank acquiring a new stake worth $505.9M. Analysts upgraded Cummins, with a consensus rating of 'Moderate Buy' and an average target price of $476.75. Cummins stock opened at $510.43, with a market cap of $70.46B.

Epoch Investment Partners Inc. lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 4.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 308,736 shares of the company's stock after selling 13,907 shares during the quarter. Epoch Investment Partners Inc. owned approximately 0.22% of Cummins worth $101,111,000 at the end of the most recent reporting period.

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Other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in Cummins during the 2nd quarter worth $505,941,000. Raymond James Financial Inc. lifted its position in shares of 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 in the last quarter. American Century Companies Inc. boosted its holdings in Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company's stock worth $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in Cummins by 5,158.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company's stock worth $142,777,000 after purchasing an additional 427,670 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock valued at $314,942,000 after buying an additional 424,294 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the business's stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at $14,864,384.12. The trade was a 29.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm's stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares of the company's stock, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 36,410 shares of company stock worth $16,424,574. Corporate insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

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Several equities analysts have recently issued reports on the company. Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Citigroup boosted their price objective on Cummins from $500.00 to $530.00 and gave the stock a "buy" rating in a research report on Friday, November 7th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Truist Financial set a $628.00 target price on Cummins and gave the stock a "buy" rating in a research note on Monday, November 24th. Finally, Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and an average target price of $476.75.

Get Our Latest Report on CMI

Cummins Stock Up 0.5%

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CMI stock opened at $510.43 on Friday. The stock has a fifty day moving average of $448.98 and a 200-day moving average of $392.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $515.64. The company has a market capitalization of $70.46 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 2.00 and a beta of 1.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 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 the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company's revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.86 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

About Cummins

(Free Report)

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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