Cummins Inc. $CMI Shares Bought by ABN Amro Investment Solutions

ABN Amro Investment Solutions lifted its stake in Cummins Inc. (NYSE:CMI) by 13.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,336 shares of the company’s stock after buying an additional 756 shares during the quarter. ABN Amro Investment Solutions’ holdings in Cummins were worth $3,409,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CMI. Juno Financial Group LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $883,000. Truist Financial Corp increased its position in Cummins by 4.8% during the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after purchasing an additional 2,951 shares in the last quarter. Smith Salley Wealth Management increased its position in Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after purchasing an additional 20,299 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Cummins in the fourth quarter valued at approximately $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. lifted its position in Cummins by 643.0% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock valued at $3,732,000 after buying an additional 6,327 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CMI. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $740.07.

Cummins Stock Up 0.6%

Shares of Cummins stock opened at $664.71 on Friday. The business has a 50-day moving average of $672.88 and a 200-day moving average of $618.96. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The company has a market capitalization of $91.72 billion, a PE ratio of 34.49, a P/E/G ratio of 1.61 and a beta of 1.22. Cummins Inc. has a 1-year low of $354.68 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.96 EPS. As a group, equities analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is presently 41.52%.

Insider Transactions at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. Insiders own 0.30% of the company’s stock.

About Cummins

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.