Mn Services Vermogensbeheer B.V. Sells 1,700 Shares of Cummins Inc. (NYSE:CMI)

Mn Services Vermogensbeheer B.V. lowered its holdings in Cummins Inc. (NYSE:CMI) by 3.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,603 shares of the company’s stock after selling 1,700 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Cummins were worth $15,398,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Albert D Mason Inc. lifted its position in shares of Cummins by 0.4% during the first quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after acquiring an additional 37 shares in the last quarter. Greenleaf Trust grew its holdings in Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after buying an additional 40 shares in the last quarter. Bangor Savings Bank grew its holdings in Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after buying an additional 40 shares in the last quarter. Patrick M Sweeney & Associates Inc. increased its position in shares of Cummins by 2.4% during the first quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company’s stock valued at $576,000 after buying an additional 46 shares during the period. Finally, First Pacific Financial lifted its holdings in shares of Cummins by 1.2% in the first quarter. First Pacific Financial now owns 3,823 shares of the company’s stock worth $1,127,000 after buying an additional 47 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Citigroup assumed coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Evercore ISI lifted their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Truist Financial upped their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Robert W. Baird lifted their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Price Performance

CMI traded up $5.27 during midday trading on Friday, hitting $309.31. The stock had a trading volume of 676,358 shares, compared to its average volume of 1,784,292. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. The business has a fifty day moving average of $286.67 and a 200 day moving average of $282.74. The company has a market cap of $42.31 billion, a P/E ratio of 22.64, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $5.18 EPS. As a group, equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

About Cummins

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.