Swiss National Bank Sells 12,400 Shares of Cummins Inc. (NYSE:CMI)

Swiss National Bank decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 2.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 442,900 shares of the company’s stock after selling 12,400 shares during the period. Swiss National Bank owned approximately 0.31% of Cummins worth $106,106,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. Balentine LLC lifted its position in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after buying an additional 127 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Cummins by 200.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after acquiring an additional 3,866 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC purchased a new stake in Cummins in the third quarter worth about $9,048,000. Capital Advisors Inc. OK bought a new position in shares of Cummins during the fourth quarter valued at approximately $24,915,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Cummins by 227.6% during the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after purchasing an additional 16,869 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CMI shares. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Truist Financial raised their price target on Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a report on Friday. Robert W. Baird dropped their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday. TD Cowen raised their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group increased their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $282.55.

Cummins Stock Up 0.2 %

CMI opened at $280.74 on Friday. The stock has a market cap of $38.39 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34. The firm’s fifty day moving average is $285.39 and its 200 day moving average is $252.55. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $4.52 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Activity

In related news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at $720,123.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

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.