Amalgamated Bank Cuts Position in Cummins Inc. $CMI

Amalgamated Bank trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 9.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,269 shares of the company’s stock after selling 2,683 shares during the period. Amalgamated Bank’s holdings in Cummins were worth $8,931,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Orca Wealth Management LLC increased its stake in Cummins by 0.6% in the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after purchasing an additional 28 shares during the last quarter. V Square Quantitative Management LLC increased its stake in Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares during the last quarter. Bank of Jackson Hole Trust increased its stake in Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the last quarter. Scotia Capital Inc. increased its stake in Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares during the last quarter. Finally, Van Hulzen Asset Management LLC increased its stake in Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock opened at $438.26 on Friday. The company has a market capitalization of $60.39 billion, a P/E ratio of 20.60, a PEG ratio of 2.05 and a beta of 1.04. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $449.21. The business has a 50 day simple moving average of $415.17 and a 200-day simple moving average of $361.69. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the company earned $5.26 earnings per share. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Insider Activity

In related news, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction on 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 sale, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on CMI. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Barclays increased their price target 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. Truist Financial increased their price objective on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

About Cummins

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.