7,148 Cummins Inc. $CMI Shares Sold by Beutel Goodman & Co Ltd.

Beutel Goodman & Co Ltd. cut its stake in Cummins Inc. (NYSE:CMI) by 4.4% in the third quarter, Holdings Channel reports. The institutional investor owned 154,989 shares of the company’s stock after selling 7,148 shares during the period. Beutel Goodman & Co Ltd.’s holdings in Cummins were worth $80,062,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Cummins in the second quarter worth about $8,204,241,000. Bank of America Corp DE purchased a new position in shares of Cummins during the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in shares of Cummins during the second quarter valued at approximately $973,198,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Cummins by 6.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock worth $530,405,000 after buying an additional 62,107 shares during the period. Finally, Legal & General Group Plc purchased a new stake in shares of Cummins in the second quarter worth approximately $666,635,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

More Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: AI data-center power demand and a strong order backlog could support growth. However, supply constraints may limit the company’s ability to meet demand. Zacks article
• Neutral Sentiment: Barclays cut its price target to $600 from $675 but maintained an Overweight rating, indicating it still sees potential upside from the referenced share price. Barclays rating information
• Neutral Sentiment: Oppenheimer maintained its Hold rating, while Wells Fargo, Citigroup and Truist also reduced their price targets; the reports provided do not specify the new targets. Oppenheimer rating Wells Fargo target report Citigroup target report Truist target report
• Negative Sentiment: JPMorgan lowered its target sharply, from $600 to $465, and moved to a Neutral rating. The bank’s target is approximately in line with the referenced share price. JPMorgan rating information
• Negative Sentiment: An analysis cited cuts to fair value estimates as analysts trimmed growth and margin expectations. Truck-market weakness is another concern alongside supply constraints. Yahoo Finance article

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CMI. UBS Group decreased their price target on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Bank of America reduced their target price on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Tuesday. Truist Financial decreased their target price on Cummins from $779.00 to $637.00 and set a “buy” rating for the company in a research report on Friday. Finally, DA Davidson boosted their target price on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $662.18.

Cummins Price Performance

Shares of CMI stock opened at $466.73 on Tuesday. The company has a market capitalization of $64.25 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.24 and a beta of 1.26. The company’s 50-day simple moving average is $524.50 and its two-hundred day simple moving average is $599.03. Cummins Inc. has a one year low of $443.62 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, beating the consensus estimate of $8.20 by $0.05. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.59 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is currently 36.73%.

About Cummins

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.