Desjardins Global Asset Management Inc. Sells 296 Shares of Cummins Inc. (NYSE:CMI)

Desjardins Global Asset Management Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 23.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 981 shares of the company’s stock after selling 296 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Cummins were worth $235,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares during the period. State Street Corp raised its stake in shares of Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after buying an additional 191,776 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after buying an additional 173,139 shares during the period. Morgan Stanley raised its stake in shares of Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after buying an additional 50,476 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after buying an additional 69,830 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of Cummins stock opened at $291.42 on Friday. The stock has a market cap of $39.85 billion, a price-to-earnings ratio of 56.26, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a 50 day moving average price of $279.54 and a 200-day moving average price of $247.93. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted $4.52 EPS. Equities analysts expect that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 129.73%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Evercore ISI raised their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Morgan Stanley assumed coverage on Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price for the company. The Goldman Sachs Group increased their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Finally, Truist Financial assumed coverage on Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $279.70.

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.