National Bank of Canada FI Sells 53,809 Shares of Cummins Inc. (NYSE:CMI)

National Bank of Canada FI cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 17.5% during the fourth quarter, Holdings Channel reports. The fund owned 253,520 shares of the company’s stock after selling 53,809 shares during the period. National Bank of Canada FI’s holdings in Cummins were worth $61,136,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CMI. Vanguard Group Inc. grew its position in Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares during the last quarter. International Assets Investment Management LLC grew its position in Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after acquiring an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in Cummins during the 3rd quarter worth approximately $71,268,000. Envestnet Asset Management Inc. boosted its position in Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after buying an additional 274,927 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Cummins by 28.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after buying an additional 235,372 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on CMI. TD Cowen increased their price objective on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Morgan Stanley began coverage on Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective on the stock. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a research report on Friday, January 19th. The Goldman Sachs Group increased their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Truist Financial increased their price objective on Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $282.55.

Cummins Trading Up 0.2 %

NYSE:CMI traded up $0.45 on Friday, reaching $280.74. The company’s stock had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The business’s 50-day moving average price is $285.39 and its two-hundred day moving average price is $252.92. The firm has a market cap of $38.39 billion, a PE ratio of 20.55, a PEG ratio of 1.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business posted $4.52 earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.39%. Cummins’s dividend payout ratio is currently 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by insiders.

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.