Bank of New York Mellon Corp Sells 56,236 Shares of Cummins Inc. $CMI

Bank of New York Mellon Corp lessened its stake in Cummins Inc. (NYSE:CMI) by 5.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 962,229 shares of the company’s stock after selling 56,236 shares during the quarter. Bank of New York Mellon Corp owned 0.70% of Cummins worth $315,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CMI. Corton Capital Inc. bought a new stake in Cummins during the 2nd quarter valued at about $341,000. Intellectus Partners LLC increased its position in shares of Cummins by 36.0% during the second quarter. Intellectus Partners LLC now owns 2,532 shares of the company’s stock valued at $829,000 after acquiring an additional 670 shares in the last quarter. Regents Gate Capital LLP increased its position in shares of Cummins by 22.3% during the second quarter. Regents Gate Capital LLP now owns 37,410 shares of the company’s stock valued at $12,252,000 after acquiring an additional 6,817 shares in the last quarter. Gilbert & Cook Inc. raised its holdings in Cummins by 2.2% in the 2nd quarter. Gilbert & Cook Inc. now owns 1,813 shares of the company’s stock worth $594,000 after acquiring an additional 39 shares during the last quarter. Finally, TIAA Trust National Association lifted its position in Cummins by 4.1% in the 2nd quarter. TIAA Trust National Association now owns 3,750 shares of the company’s stock valued at $1,228,000 after acquiring an additional 148 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 43,319 shares of company stock valued at $17,764,105 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CMI. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. Finally, Truist Financial increased their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins Price Performance

Shares of NYSE:CMI opened at $428.58 on Wednesday. The firm’s 50 day moving average price is $417.32 and its 200-day moving average price is $365.98. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $449.21. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $59.05 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the business posted $5.26 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Cummins Company 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.