Bank of New York Mellon Corp Lowers Stock Position in Cummins Inc. $CMI

Bank of New York Mellon Corp lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 25.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,077,017 shares of the company’s stock after selling 373,642 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cummins were worth $549,763,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after acquiring an additional 43,722 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Cummins during the fourth quarter worth approximately $863,441,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.7%

Shares of CMI stock opened at $683.84 on Thursday. The company has a market capitalization of $94.36 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 1.64 and a beta of 1.23. 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 firm has a 50-day moving average price of $631.31 and a 200 day moving average price of $574.54. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $5.96 EPS. Research analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CMI shares. Morgan Stanley increased their price target on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Citigroup increased their price target on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $705.79.

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.