Boston Trust Walden Corp Sells 765 Shares of Cummins Inc. (NYSE:CMI)

Boston Trust Walden Corp trimmed its position in Cummins Inc. (NYSE:CMI) by 15.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,345 shares of the company’s stock after selling 765 shares during the period. Boston Trust Walden Corp’s holdings in Cummins were worth $1,203,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CMI. Norges Bank bought a new position in Cummins in the 4th quarter worth about $298,867,000. Price T Rowe Associates Inc. MD increased its position in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. SG Americas Securities LLC raised its stake in Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after purchasing an additional 179,346 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Cummins by 129.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Finally, Swedbank AB purchased a new position in Cummins in the 1st quarter worth approximately $44,489,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Barclays increased their price objective on 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. boosted their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $295.00.

Cummins Stock Up 0.6 %

Shares of NYSE CMI opened at $301.65 on Monday. The firm’s fifty day moving average is $283.32 and its 200 day moving average is $280.93. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a market cap of $41.26 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.18 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. Cummins’s dividend payout ratio is presently 53.29%.

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.