Cummins Inc. $CMI Shares Sold by Keybank National Association OH

Keybank National Association OH lowered its holdings in Cummins Inc. (NYSE:CMI) by 1.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,602 shares of the company’s stock after selling 1,392 shares during the period. Keybank National Association OH owned approximately 0.09% of Cummins worth $40,807,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter worth $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the first quarter worth $39,000. Costello Asset Management INC purchased a new position in shares of Cummins in the first quarter valued at $40,000. Finally, Wealth Preservation Advisors LLC purchased a new position in shares of Cummins in the first quarter valued at $41,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Barclays upped their target price on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Robert W. Baird upped their target price on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Insider Buying and Selling

In related news, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 43,119 shares of company stock worth $17,674,285. Company insiders own 0.41% of the company’s stock.

Cummins Trading Up 6.6%

NYSE CMI opened at $441.59 on Thursday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $442.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a market capitalization of $60.85 billion, a price-to-earnings ratio of 20.76, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. The company’s fifty day moving average price is $414.29 and its two-hundred day moving average price is $361.15.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the prior year, the firm posted $5.26 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is 37.61%.

Cummins 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.