Cummins Inc. $CMI Shares Sold by Beutel Goodman & Co Ltd.

Beutel Goodman & Co Ltd. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 2.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 589,186 shares of the company’s stock after selling 17,415 shares during the quarter. Beutel Goodman & Co Ltd.’s holdings in Cummins were worth $192,958,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC increased its holdings in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Costello Asset Management INC acquired a new position in Cummins in the 1st quarter valued at about $40,000. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Cummins by 50.0% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 168 shares of the company’s stock valued at $53,000 after purchasing an additional 56 shares in the last quarter. Vanguard Group Inc. increased its stake in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the period. Finally, WealthShield Partners LLC acquired a new stake in Cummins during the 1st quarter worth approximately $1,267,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,410 shares of company stock valued at $16,424,574 over the last quarter. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CMI shares. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Citigroup increased their price target on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Finally, Truist Financial set a $628.00 target price on shares of Cummins and gave the company a “buy” rating in a research report on Monday, November 24th. Twelve research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $476.75.

Cummins Stock Performance

Shares of CMI opened at $510.43 on Friday. The stock has a market capitalization of $70.46 billion, a P/E ratio of 26.49, a P/E/G ratio of 2.00 and a beta of 1.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $515.64. The company’s fifty day moving average is $448.98 and its two-hundred day moving average is $392.04.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the firm earned $5.86 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were paid a $2.00 dividend. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is 41.52%.

Cummins 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.