Cummins Inc. $CMI Shares Sold by Zions Bancorporation National Association UT

Zions Bancorporation National Association UT lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 34.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 283 shares of the company’s stock after selling 148 shares during the quarter. Zions Bancorporation National Association UT’s holdings in Cummins were worth $93,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. increased its position in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares in the last quarter. AQR Capital Management LLC boosted its position in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after purchasing an additional 424,294 shares during the period. Nuveen LLC acquired a new stake in Cummins in the 1st quarter valued at $109,120,000. Vanguard Group Inc. raised its position in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after purchasing an additional 321,823 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Cummins by 74.2% during the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after purchasing an additional 319,277 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 38,559 shares of company stock worth $16,842,558 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of NYSE CMI opened at $475.70 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $484.84. The stock has a market capitalization of $65.54 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 2.05 and a beta of 1.07. The stock’s fifty day simple moving average is $424.13 and its 200 day simple moving average is $372.39.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the firm posted $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s dividend payout ratio is currently 41.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Truist Financial increased their target price on Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research note on Friday, November 7th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Citigroup increased their target price on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Barclays boosted their price target on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $435.00.

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.