Banco Santander S.A. Buys 965 Shares of Cummins Inc. $CMI

Banco Santander S.A. increased its stake in Cummins Inc. (NYSE:CMI) by 8.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,115 shares of the company’s stock after buying an additional 965 shares during the quarter. Banco Santander S.A.’s holdings in Cummins were worth $5,117,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cummins in the 2nd quarter valued at about $505,941,000. American Century Companies Inc. grew its holdings in Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares during the period. Bank of New York Mellon Corp grew its holdings in Cummins by 50.8% during 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 purchasing an additional 488,430 shares during the period. Ontario Teachers Pension Plan Board increased its position in Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after buying an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Wells Fargo & Company upped their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Barclays raised their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Trading Down 0.6%

Shares of Cummins stock opened at $584.37 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a 50-day moving average of $566.52 and a 200-day moving average of $484.51. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The stock has a market cap of $80.74 billion, a PE ratio of 28.48, a PEG ratio of 1.86 and a beta of 1.13.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio is currently 38.99%.

Insider Activity

In other news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 1,864 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $586.64, for a total value of $1,093,496.96. Following the completion of the transaction, the vice president directly owned 17,827 shares of the company’s stock, valued at approximately $10,458,031.28. This trade represents a 9.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is currently owned by insiders.

Cummins Company 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.