Banco Santander S.A. Purchases 965 Shares of Cummins Inc. $CMI

Banco Santander S.A. raised its position in shares of Cummins Inc. (NYSE:CMI) by 8.7% in the 3rd quarter, Holdings Channel reports. The firm owned 12,115 shares of the company’s stock after acquiring an additional 965 shares during the period. Banco Santander S.A.’s holdings in Cummins were worth $5,117,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CMI. Diversify Wealth Management LLC raised its holdings in shares of Cummins by 2.4% during the 3rd quarter. Diversify Wealth Management LLC now owns 11,909 shares of the company’s stock worth $5,213,000 after buying an additional 277 shares in the last quarter. Xponance Inc. raised its stake in Cummins by 14.5% during the third quarter. Xponance Inc. now owns 24,316 shares of the company’s stock worth $10,270,000 after acquiring an additional 3,084 shares in the last quarter. DNB Asset Management AS raised its stake in Cummins by 2.6% during the third quarter. DNB Asset Management AS now owns 64,379 shares of the company’s stock worth $27,192,000 after acquiring an additional 1,659 shares in the last quarter. Choreo LLC lifted its holdings in shares of Cummins by 3.7% in the third quarter. Choreo LLC now owns 14,779 shares of the company’s stock worth $6,242,000 after acquiring an additional 527 shares during the last quarter. Finally, Interchange Capital Partners LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at approximately $307,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CMI shares. Truist Financial reiterated a “buy” rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Wells Fargo & Company upped their price target on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Citigroup boosted their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins Stock Performance

NYSE CMI opened at $584.37 on Friday. The company has a market capitalization of $80.74 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.86 and a beta of 1.13. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The stock has a fifty day simple moving average of $566.52 and a 200 day simple moving average of $484.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.16 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Insider Activity

In other news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is owned by insiders.

Cummins Company Profile

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.