Van ECK Associates Corp Sells 2,262 Shares of Cummins Inc. (NYSE:CMI)

Van ECK Associates Corp trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 10.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,371 shares of the company’s stock after selling 2,262 shares during the quarter. Van ECK Associates Corp’s holdings in Cummins were worth $4,641,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after purchasing an additional 50,476 shares during the period. Northern Trust Corp increased its holdings in Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares during the period. Stifel Financial Corp raised its position in Cummins by 0.9% during the 3rd quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock worth $365,430,000 after purchasing an additional 13,634 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Cummins by 28.2% during the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after buying an additional 235,372 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CMI shares. Evercore ISI raised their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. TD Cowen upped 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. Robert W. Baird lowered their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday. Truist Financial upped their price target on shares of Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a research report on Friday. Finally, The Goldman Sachs Group lifted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $282.55.

Cummins Trading Up 0.2 %

NYSE CMI opened at $280.74 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The business has a 50 day moving average price of $285.39 and a 200-day moving average price of $252.92. The company has a market cap of $38.39 billion, a price-to-earnings ratio of 20.55, a P/E/G ratio of 1.91 and a beta of 1.04.

Cummins (NYSE:CMI) last announced 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 for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted $4.52 EPS. As a group, equities analysts expect that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 49.19%.

Insider Transactions at Cummins

In related news, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at $284,696.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 over the last ninety days. 0.56% of the stock is currently owned by insiders.

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.