US Bancorp DE Sells 3,032 Shares of Cummins Inc. $CMI

US Bancorp DE decreased its holdings in Cummins Inc. (NYSE:CMI) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 71,784 shares of the company’s stock after selling 3,032 shares during the quarter. US Bancorp DE’s holdings in Cummins were worth $30,320,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Flagship Wealth Advisors LLC acquired a new stake in shares of Cummins in the third quarter valued at $28,000. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the second quarter valued at approximately $31,000. Guerra Advisors Inc acquired a new stake in shares of Cummins in the 3rd quarter valued at $36,000. Salomon & Ludwin LLC raised its holdings in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the last quarter. Finally, Tripletail Wealth Management LLC bought a new stake in shares of Cummins during the third quarter worth approximately $39,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.6%

Shares of CMI stock opened at $584.37 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock’s fifty day moving average price is $566.52 and its two-hundred day moving average price is $484.51. The company has a market cap of $80.74 billion, a PE ratio of 28.48, a P/E/G ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.16 earnings per share. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Insider Activity at Cummins

In other Cummins news, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred 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 owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,141 shares of company stock valued at $16,121,817 over the last ninety days. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CMI. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a report on Monday, January 26th. Truist Financial reissued a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Citigroup upped their price objective on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, UBS Group set a $565.00 price objective on Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

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.