Cummins Inc. $CMI Holdings Decreased by Tealwood Asset Management Inc.

Tealwood Asset Management Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 27.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 5,778 shares of the company’s stock after selling 2,200 shares during the quarter. Cummins makes up about 1.3% of Tealwood Asset Management Inc.’s investment portfolio, making the stock its 13th biggest position. Tealwood Asset Management Inc.’s holdings in Cummins were worth $2,949,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Cummins during the second quarter valued at $505,941,000. Boston Partners acquired a new stake in shares of Cummins during the third quarter worth $473,471,000. London Co. of Virginia bought a new position in shares of Cummins in the 3rd quarter worth about $231,732,000. American Century Companies Inc. boosted its holdings in shares of Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after buying an additional 528,689 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after buying an additional 488,430 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Transactions at Cummins

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This represents a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,195 shares of company stock valued at $18,397,489 over the last three months. 0.41% of the stock is owned by company insiders.

Cummins Trading Down 1.4%

NYSE:CMI opened at $532.73 on Friday. The stock has a market cap of $73.60 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 1.71 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The business has a fifty day moving average of $573.85 and a 200-day moving average of $500.13.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for 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 company’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $5.16 earnings per share. Equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.5%. Cummins’s payout ratio is presently 38.99%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CMI shares. Argus set a $696.00 price objective on shares of Cummins in a research note on Tuesday, February 10th. Truist Financial restated a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Barclays increased their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Company 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.