QV Investors Inc. Sells 1,040 Shares of Cummins Inc. $CMI

QV Investors Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,265 shares of the company’s stock after selling 1,040 shares during the period. QV Investors Inc.’s holdings in Cummins were worth $6,771,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Frank Rimerman Advisors LLC increased its stake in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares during the last quarter. Gilbert & Cook Inc. boosted its stake in Cummins by 1.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after acquiring an additional 19 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its holdings in Cummins by 2.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock valued at $501,000 after purchasing an additional 20 shares during the period. Red Door Wealth Management LLC grew its holdings in Cummins by 2.3% during the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock valued at $448,000 after purchasing an additional 20 shares during the period. Finally, United Capital Management of KS Inc. increased its stake in Cummins by 2.0% in the third quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock valued at $485,000 after purchasing an additional 22 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the topic of several analyst reports. Argus set a $696.00 target price on shares of Cummins in a report on Tuesday, February 10th. Wells Fargo & Company upped their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Raymond James Financial raised their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Truist Financial reiterated a “buy” rating and set a $703.00 target price (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Finally, Citigroup boosted their target price on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Eleven equities 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Performance

Shares of CMI opened at $549.83 on Friday. The firm has a market cap of $75.96 billion, a P/E ratio of 26.79, a PEG ratio of 1.74 and a beta of 1.14. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm’s 50 day moving average price is $567.38 and its two-hundred day moving average price is $510.41.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the firm earned $5.16 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Insider Activity

In other news, VP Jennifer Mary Bush sold 4,270 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is currently owned by insiders.

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.