Cummins Inc. $CMI Shares Sold by Keybank National Association OH

Keybank National Association OH trimmed its position in Cummins Inc. (NYSE:CMI) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,247 shares of the company’s stock after selling 2,355 shares during the period. Keybank National Association OH’s holdings in Cummins were worth $51,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. boosted its position in Cummins by 0.4% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after buying an additional 24 shares during the last quarter. Whittier Trust Co. lifted its stake in Cummins by 0.9% during the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after acquiring an additional 24 shares during the period. Howard Capital Management Inc. boosted its holdings in shares of Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after acquiring an additional 24 shares during the last quarter. BNP Paribas increased its stake in shares of Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after acquiring an additional 25 shares during the period. Finally, Orca Wealth Management LLC raised its holdings in shares of Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 1.0%

Shares of CMI opened at $578.24 on Friday. The firm has a market capitalization of $79.82 billion, a P/E ratio of 30.01, a P/E/G ratio of 2.05 and a beta of 1.12. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $592.53. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $532.03 and a 200 day moving average price of $453.01.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter last year, the firm earned $5.86 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Analyst Ratings Changes

CMI has been the topic of several analyst reports. Barclays increased their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research report on Monday, December 22nd. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Sanford C. Bernstein reissued a “market perform” rating and set a $475.00 price target on shares of Cummins in a report on Friday, November 7th. Finally, Citigroup upped their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $522.07.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,130 shares of company stock worth $9,045,544 over the last three months. Company insiders own 0.41% of the company’s stock.

Cummins Profile

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.