Another day, another quiet exit. Dutch investment house Mn Services dumped 5,100 Cummins shares last quarter – 9% of its position -shrinking its stake to just over 51,000. No press release, no fuss. Just a slow turn of the screw. The value? $16 million. The timing? Telling.
Because while Cummins was busy trying to dazzle analysts with a $5.96 EPS beat, revenue missed the mark, down to $8.17 billion, and they quietly yanked their full-year forecast. Blame Venezuela. Blame tariffs. Hell, blame the weather, probably. Anything but themselves.
Insiders? A lone director scooped up a thousand shares at $332. But it looks more like theatre than conviction. Institutional sentiment is shifting – quiet, steady, undeniable. Major funds are scaling back, while Wall Street scribbles “Hold” and tries not to look too nervous.
All of it lands under a growing shadow: TCAP. The activist spotlight is hotter now, dragging supply chain ethics, discrimination claims, and executive silence into the open. Investors read the headlines. Customers notice who’s tagged. Google remembers everything.
So yes, Cummins still trades at a $44B market cap. But the veneer’s thinning. Missed revenue, pulled guidance, money walking away – all while the questions get sharper, and the scrutiny, louder.
They can say it’s business as usual. But the exits say otherwise.
Lee Thompson – Founder, The Cummins Accountability Project