Keybank National Association OH Sells 2,355 Shares of Cummins Inc. $CMI

Keybank National Association OH decreased its holdings in Cummins Inc. (NYSE:CMI) by 1.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,247 shares of the company’s stock after selling 2,355 shares during the period. Keybank National Association OH owned 0.09% of Cummins worth $51,634,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Cummins in the second quarter worth $505,941,000. American Century Companies Inc. increased its holdings in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after acquiring an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in shares of Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Cummins by 2.0% in the second 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 last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 1.0%

NYSE CMI opened at $578.24 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The company has a market capitalization of $79.82 billion, a price-to-earnings ratio of 30.01, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12. The company’s 50-day simple moving average is $532.03 and its two-hundred day simple moving average is $453.01. Cummins Inc. has a one year low of $260.02 and a one year high of $592.53.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the firm earned $5.86 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 19,130 shares of company stock valued at $9,045,544. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CMI. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company lifted their price target on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Truist Financial increased their price target on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Finally, Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $522.07.

Cummins 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.