Cummins Inc. (NYSE:CMI) Shares Sold by TIAA Trust National Association

TIAA Trust National Association decreased its position in shares of Cummins Inc. (NYSE:CMI) by 2.3% in the fourth quarter, HoldingsChannel reports. The firm owned 2,397 shares of the company’s stock after selling 57 shares during the quarter. TIAA Trust National Association’s holdings in Cummins were worth $836,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of CMI. Vanguard Group Inc. lifted its stake in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the period. State Street Corp raised its holdings in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Fisher Asset Management LLC lifted its position in Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the period. FMR LLC boosted its holdings in Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI opened at $323.93 on Friday. The firm’s fifty day simple moving average is $353.22 and its two-hundred day simple moving average is $347.93. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a market cap of $44.53 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company posted $4.14 EPS. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 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 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Truist Financial boosted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Finally, UBS Group dropped their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $389.50.

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.