ING Groep NV Sells 18,314 Shares of Cummins Inc. $CMI

ING Groep NV lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 35.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,812 shares of the company’s stock after selling 18,314 shares during the quarter. ING Groep NV’s holdings in Cummins were worth $13,859,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares in the last quarter. State Street Corp boosted its position in Cummins by 1.4% in the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after buying an additional 92,073 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cummins by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after buying an additional 43,720 shares during the period. Fisher Asset Management LLC increased its stake in shares of Cummins by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after buying an additional 142,058 shares during the period. Finally, Norges Bank bought a new stake in shares of Cummins during the second quarter worth $505,941,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI stock opened at $599.19 on Thursday. The stock has a 50-day moving average price of $546.63 and a two-hundred day moving average price of $466.82. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The stock has a market cap of $82.71 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Insider Activity

In other news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Morgan Stanley reissued an “overweight” rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Robert W. Baird set a $580.00 target price on shares of Cummins in a research report on Friday, February 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Truist Financial reaffirmed a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Finally, Raymond James Financial boosted their price objective on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

About Cummins

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.