Cardinal Capital Management Inc. Sells 11,639 Shares of Cummins Inc. $CMI

Cardinal Capital Management Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 10.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,871 shares of the company’s stock after selling 11,639 shares during the period. Cummins accounts for about 0.0% of Cardinal Capital Management Inc.’s holdings, making the stock its 27th biggest position. Cardinal Capital Management Inc. owned approximately 0.07% of Cummins worth $48,937,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CMI. Boston Partners bought a new position in shares of Cummins during the third quarter valued at about $473,471,000. London Co. of Virginia bought a new position in shares of Cummins during the third quarter valued at about $231,732,000. Bank of New York Mellon Corp raised its position in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares during the period. Nordea Investment Management AB raised its position in Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after acquiring an additional 278,350 shares during the period. Finally, Merewether Investment Management LP bought a new stake in Cummins in the third quarter worth about $91,147,000. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 31,195 shares of company stock valued at $18,397,489 in the last quarter. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Truist Financial reaffirmed a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Citigroup lifted 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. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective on the stock. in a research report on Monday, January 26th. Argus set a $696.00 price objective on shares of Cummins in a research report on Tuesday, February 10th. Finally, Barclays lifted their price objective on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Price Performance

Shares of NYSE:CMI opened at $611.08 on Friday. The company has a 50 day moving average of $567.53 and a 200 day moving average of $514.18. The stock has a market cap of $84.43 billion, a P/E ratio of 29.78, a P/E/G ratio of 1.89 and a beta of 1.14. Cummins Inc. has a 12 month low of $269.24 and a 12 month high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.16 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

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.