Temasek Holdings Private Ltd Sells 4,651 Shares of Cummins Inc. $CMI

Temasek Holdings Private Ltd trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 14.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,359 shares of the company’s stock after selling 4,651 shares during the period. Temasek Holdings Private Ltd’s holdings in Cummins were worth $8,575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. GAMMA Investing LLC increased its stake in Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock valued at $373,428,000 after acquiring an additional 1,188,276 shares during the period. Raymond James Financial Inc. increased its stake in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after acquiring an additional 817,384 shares during the period. AQR Capital Management LLC increased its stake in Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after acquiring an additional 424,294 shares during the period. Nuveen LLC bought a new position in Cummins during the first quarter valued at about $109,120,000. Finally, Vanguard Group Inc. increased its stake in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $12,790,710. This represents a 17.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,039 shares of company stock worth $10,385,075 over the last ninety days. 0.41% of the stock is owned by insiders.

Cummins Stock Down 0.2%

Shares of CMI opened at $400.13 on Friday. The company has a market capitalization of $55.13 billion, a P/E ratio of 18.81, a PEG ratio of 1.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The business’s 50 day simple moving average is $370.88 and its 200-day simple moving average is $336.01.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CMI. Barclays boosted their price target on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday. Finally, Truist Financial upped their price objective on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $389.29.

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.