Erste Asset Management GmbH Lowers Holdings in Cummins Inc. $CMI

Erste Asset Management GmbH lowered its position in shares of Cummins Inc. (NYSE:CMI) by 18.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,792 shares of the company’s stock after selling 7,176 shares during the quarter. Erste Asset Management GmbH’s holdings in Cummins were worth $13,754,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after buying an additional 2,417 shares in the last quarter. New York State Teachers Retirement System increased its holdings in Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares in the last quarter. Bailard Inc. raised its position in Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cummins by 6.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after purchasing an additional 17,566 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. Wells Fargo & Company lifted their price objective on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Truist Financial reissued a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Raymond James Financial upped their price objective on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. lifted their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Finally, Barclays upped their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Activity at Cummins

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the sale, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Down 0.6%

CMI opened at $584.37 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The business has a 50-day moving average of $566.52 and a two-hundred day moving average of $484.51. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a market capitalization of $80.74 billion, a price-to-earnings ratio of 28.48, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period last year, the company earned $5.16 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

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

Cummins 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.