Cummins Inc. $CMI Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its holdings in Cummins Inc. (NYSE:CMI) by 9.0% in the second quarter, Holdings Channel.com reports. The fund owned 27,269 shares of the company’s stock after selling 2,683 shares during the quarter. Amalgamated Bank’s holdings in Cummins were worth $8,931,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Olde Wealth Management LLC acquired a new position in shares of Cummins during the 1st quarter worth $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins during the 1st quarter worth $31,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins during the 1st quarter worth $39,000. Costello Asset Management INC acquired a new position in shares of Cummins during the 1st quarter worth $40,000. Finally, Wealth Preservation Advisors LLC acquired a new position in shares of Cummins during the 1st quarter worth $41,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $438.26 on Friday. The company has a market cap of $60.39 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $449.21. 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 50-day simple moving average of $415.17 and a 200-day simple moving average of $361.69.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping 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 business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the firm posted $5.26 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

Insider Transactions at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 43,119 shares of company stock worth $17,674,285 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CMI has been the subject of several research reports. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. Citigroup lifted their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Truist Financial upped their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $410.50.

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.