Mutual of America Capital Management LLC Sells 856 Shares of Cummins Inc. (NYSE:CMI)

Mutual of America Capital Management LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,013 shares of the company’s stock after selling 856 shares during the period. Mutual of America Capital Management LLC’s holdings in Cummins were worth $4,555,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. State Street Corp lifted its stake in shares of Cummins by 3.0% in the 1st quarter. State Street Corp now owns 6,482,278 shares of the company’s stock valued at $1,548,473,000 after purchasing an additional 191,776 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Cummins by 7.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after purchasing an additional 173,139 shares during the last quarter. Morgan Stanley lifted its stake in shares of Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after purchasing an additional 50,476 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by company insiders.

Cummins Trading Down 1.0 %

CMI opened at $295.78 on Tuesday. The stock’s fifty day moving average is $276.99 and its two-hundred day moving average is $246.85. The company has a market capitalization of $40.45 billion, a P/E ratio of 57.10, a PEG ratio of 2.03 and a beta of 1.04. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the business earned $4.52 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.27%. Cummins’s dividend payout ratio is presently 129.73%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. Evercore ISI raised their price objective on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Truist Financial initiated coverage on Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price target for the company. Morgan Stanley initiated coverage on Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price target for the company. Finally, Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and an average price target of $276.10.

Cummins 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.