DekaBank Deutsche Girozentrale Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

DekaBank Deutsche Girozentrale boosted its position in Cummins Inc. (NYSE:CMI) by 10.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 316,646 shares of the company’s stock after acquiring an additional 30,156 shares during the period. DekaBank Deutsche Girozentrale owned about 0.23% of Cummins worth $93,480,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Cummins by 200.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after purchasing an additional 3,866 shares during the last quarter. Beacon Financial Group boosted its holdings in shares of Cummins by 7.0% in the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after purchasing an additional 126 shares during the last quarter. KBC Group NV boosted its holdings in shares of Cummins by 283.2% in the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after purchasing an additional 57,341 shares during the last quarter. Capital Advisors Inc. OK acquired a new position in shares of Cummins in the 4th quarter valued at $24,915,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.

Cummins Stock Down 5.1 %

Shares of CMI traded down $15.73 during midday trading on Friday, hitting $290.36. The company had a trading volume of 1,186,131 shares, compared to its average volume of 842,567. The company’s 50 day moving average price is $280.08 and its 200 day moving average price is $276.37. The stock has a market cap of $39.72 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.93 and a beta of 0.99. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.18 EPS. On average, equities research analysts predict that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.51%. Cummins’s dividend payout ratio is 49.19%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Truist Financial reduced their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Finally, TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $289.91.

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.