Cummins Inc. (NYSE:CMI) Shares Sold by National Bank of Canada FI

National Bank of Canada FI lessened its holdings in Cummins Inc. (NYSE:CMI) by 17.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 253,520 shares of the company’s stock after selling 53,809 shares during the period. National Bank of Canada FI owned about 0.18% of Cummins worth $61,136,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OFI Invest Asset Management acquired a new position in shares of Cummins during the third quarter worth about $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins in the third quarter worth about $28,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Cummins in the fourth quarter worth about $31,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Cummins in the third quarter worth about $39,000. Finally, Peoples Bank KS purchased a new stake in shares of Cummins in the third quarter worth about $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock traded up $0.45 on Friday, reaching $280.74. 1,058,929 shares of the company were exchanged, compared to its average volume of 954,800. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34. The company’s 50-day moving average is $285.39 and its two-hundred day moving average is $252.92. The firm 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 Inc. has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. As a group, research analysts expect that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 49.19%.

Insiders Place Their Bets

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value 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 approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Truist Financial upped their target price on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research report on Friday. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Finally, Evercore ISI increased their price target on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $282.55.

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.