Cummins Inc. $CMI Shares Sold by Moody National Bank Trust Division

Moody National Bank Trust Division cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 29.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,480 shares of the company’s stock after selling 1,889 shares during the period. Moody National Bank Trust Division’s holdings in Cummins were worth $2,287,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Cummins during the 2nd quarter valued at $505,941,000. Boston Partners acquired a new stake in shares of Cummins during the third quarter worth $473,471,000. London Co. of Virginia purchased a new stake in shares of Cummins during the third quarter valued at $231,732,000. Bank of New York Mellon Corp boosted its position in shares of Cummins by 50.8% in 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 period. Finally, Amundi increased its stake in Cummins by 48.6% in the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock worth $343,699,000 after purchasing an additional 337,074 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $553.80 on Wednesday. The stock has a fifty day moving average price of $573.30 and a 200 day moving average price of $503.75. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The stock has a market cap of $76.51 billion, a price-to-earnings ratio of 26.99, a PEG ratio of 1.74 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the business earned $5.16 EPS. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Barclays increased their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Truist Financial reiterated a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Transactions at Cummins

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.41% of the company’s stock.

About Cummins

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.