Cummins Inc. $CMI Stock Position Lifted by ABN Amro Investment Solutions

ABN Amro Investment Solutions boosted its stake in Cummins Inc. (NYSE:CMI) by 13.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,336 shares of the company’s stock after acquiring an additional 756 shares during the quarter. ABN Amro Investment Solutions’ holdings in Cummins were worth $3,409,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Juno Financial Group LLC purchased a new stake in Cummins in the 4th quarter valued at approximately $883,000. Truist Financial Corp raised its holdings in shares of Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after acquiring an additional 2,951 shares during the last quarter. Smith Salley Wealth Management raised its holdings in shares of Cummins by 1,381.8% in the fourth quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after acquiring an additional 20,299 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Cummins in the fourth quarter valued at $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. boosted its stake in shares of Cummins by 643.0% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock valued at $3,732,000 after acquiring an additional 6,327 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $664.71 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $354.68 and a 1-year high of $737.76. The firm has a market capitalization of $91.72 billion, a P/E ratio of 34.49, a P/E/G ratio of 1.61 and a beta of 1.22. The business’s 50-day simple moving average is $672.88 and its 200-day simple moving average is $618.96.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 EPS. The company’s revenue was up 2.7% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.3%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling

In other news, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marvin Boakye sold 3,481 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the sale, the vice president owned 8,508 shares in the company, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CMI. Citigroup lifted their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Finally, Raymond James Financial raised their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $740.07.

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.