Keybank National Association OH Sells 1,780 Shares of Cummins Inc. $CMI

Keybank National Association OH reduced its position in Cummins Inc. (NYSE:CMI) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,455 shares of the company’s stock after selling 1,780 shares during the quarter. Keybank National Association OH’s holdings in Cummins were worth $67,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Nicolet Advisory Services LLC lifted its stake in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its stake in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after buying an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC increased its stake in Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after buying an additional 18 shares in the last quarter. Financial Consulate Inc. raised its holdings in Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after acquiring an additional 18 shares during the period. Finally, ICW Investment Advisors LLC lifted its position in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Morgan Stanley upped their price target on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Truist Financial lifted their price objective on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Insiders Place Their Bets

In other news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Trading Down 2.9%

Shares of CMI stock opened at $662.21 on Friday. Cummins Inc. has a 12-month low of $325.25 and a 12-month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average price is $677.11 and its 200-day moving average price is $603.19. The stock has a market capitalization of $91.38 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the business posted $5.96 earnings per share. Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is 41.52%.

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.