Cummins Inc. $CMI Shares Acquired by Mn Services Vermogensbeheer B.V.

Mn Services Vermogensbeheer B.V. increased its position in shares of Cummins Inc. (NYSE:CMI) by 0.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 51,603 shares of the company’s stock after acquiring an additional 300 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Cummins were worth $16,900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Olde Wealth Management LLC purchased a new position in Cummins during the first quarter worth about $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $31,000. Capital A Wealth Management LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Cummins during the 1st quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at approximately $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on CMI shares. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Truist Financial boosted their price objective on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Barclays increased their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Citigroup lifted their price target on shares of Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Finally, Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $389.29.

Insider Buying and Selling

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $12,790,710. This represents a 17.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock valued at $14,159,885 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Up 3.7%

Shares of CMI stock opened at $426.94 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $428.96. The company has a 50 day moving average price of $384.90 and a 200 day moving average price of $338.94. The stock has a market capitalization of $58.83 billion, a P/E ratio of 20.07, a price-to-earnings-growth ratio of 1.99 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. During the same quarter last year, the company posted $5.26 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were paid a $2.00 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. Cummins’s payout ratio is presently 37.61%.

Cummins Company 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.