Cummins Inc. $CMI Shares Sold by Erste Asset Management GmbH

Erste Asset Management GmbH lowered its holdings in Cummins Inc. (NYSE:CMI) by 18.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 32,792 shares of the company’s stock after selling 7,176 shares during the quarter. Erste Asset Management GmbH’s holdings in Cummins were worth $13,754,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares during the period. State Street Corp lifted its stake in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after purchasing an additional 43,720 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after buying an additional 142,058 shares during the period. Finally, Norges Bank acquired a new stake in shares of Cummins in the second quarter valued at about $505,941,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Argus set a $696.00 price target on Cummins in a research report on Tuesday, February 10th. Wall Street Zen raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Truist Financial restated a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Finally, Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective on the stock. in a report on Monday, January 26th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insiders Place Their Bets

In related news, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president owned 15,130 shares in the company, valued at $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 27,141 shares of company stock worth $16,121,817. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $584.37 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The firm’s 50-day simple moving average is $566.52 and its 200-day simple moving average is $484.51. The firm has a market cap of $80.74 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $5.16 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be given a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.