Cummins Inc. $CMI Shares Sold by Keybank National Association OH

Keybank National Association OH cut its stake in Cummins Inc. (NYSE:CMI) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 119,596 shares of the company’s stock after selling 3,319 shares during the period. Keybank National Association OH owned about 0.09% of Cummins worth $61,780,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Cummins in the 2nd quarter worth about $8,204,241,000. Bank of America Corp DE purchased a new position in shares of Cummins during the second quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in shares of Cummins during the second quarter worth approximately $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins during the second quarter valued at approximately $666,635,000. Finally, Amundi raised its stake in shares of Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after acquiring an additional 147,093 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on CMI shares. DA Davidson boosted their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Tuesday. Bank of America decreased their target price on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. UBS Group lowered their target price on Cummins from $741.00 to $675.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $658.29.

Cummins Trading Down 2.7%

NYSE CMI opened at $454.09 on Wednesday. Cummins Inc. has a one year low of $443.62 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.13 and a current ratio of 1.74. The company has a market capitalization of $62.51 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26. The company’s 50-day simple moving average is $522.29 and its two-hundred day simple moving average is $598.38.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, topping the consensus estimate of $8.20 by $0.05. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.89 billion. During the same quarter in the prior year, the company earned $5.59 EPS. The company’s revenue was up 13.5% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 29.83 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. Cummins’s payout ratio is 36.73%.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Trending Headlines about Cummins

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins unveiled its new S29 mining engine at its Chongqing plant, expanding its product offering for the mining market. The announcement could support growth, though the article details provided do not quantify its expected sales impact. Article: Cummins Unveils New S29 Mining Engine At Chongqing Engine Plant
• Positive Sentiment: AI data-center power demand and a strong order backlog are cited as growth drivers. However, supply constraints and weakness in the truck market may limit the upside. Article: Cummins After Q3: Is the Stock a Buy on AI Data Center Boom?
• Neutral Sentiment: Cummins underperformed competitors on Monday despite a gain in its shares, indicating relative weakness against peers. Article: Cummins stock underperforms competitors
• Negative Sentiment: Analysts have cut fair-value estimates, citing reduced expectations for growth and margins. Barclays lowered its target from $675 to $600 but maintained an “overweight” rating; JPMorgan cut its target from $600 to $465 and kept a “neutral” rating. Wells Fargo, Citigroup and Truist also reduced their targets, adding to pressure on investor sentiment. Article: Cummins fair value cut as analysts trim growth and margin views Article: Barclays lowers Cummins price target Article: JPMorgan lowers Cummins price target

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.