TIAA Trust National Association Acquires 634 Shares of Cummins Inc. (NYSE:CMI)

TIAA Trust National Association increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 26.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,011 shares of the company’s stock after acquiring an additional 634 shares during the quarter. TIAA Trust National Association’s holdings in Cummins were worth $887,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Sequoia Financial Advisors LLC raised its stake in shares of Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after buying an additional 3,866 shares during the period. Beacon Financial Group raised its stake in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after buying an additional 126 shares during the period. KBC Group NV raised its stake in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after buying an additional 57,341 shares during the period. Capital Advisors Inc. OK bought a new stake in shares of Cummins in the fourth quarter valued at $24,915,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after buying an additional 21,850 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Citigroup initiated coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Robert W. Baird reduced their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Truist Financial reduced their price target on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $287.18.

Cummins Price Performance

Cummins stock traded down $7.08 during midday trading on Friday, hitting $291.15. 1,763,952 shares of the company’s stock were exchanged, compared to its average volume of 905,895. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The stock has a 50-day moving average price of $279.68 and a two-hundred day moving average price of $273.01. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market cap of $39.82 billion, a P/E ratio of 21.31, a PEG ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. On average, equities research analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.50%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 49.19%.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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.