KBC Group NV Sells 6,547 Shares of Cummins Inc. (NYSE:CMI)

KBC Group NV reduced its stake in Cummins Inc. (NYSE:CMI) by 8.6% during the 3rd quarter, Holdings Channel reports. The firm owned 69,632 shares of the company’s stock after selling 6,547 shares during the period. KBC Group NV’s holdings in Cummins were worth $22,546,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new position in Cummins in the second quarter valued at about $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins during the 3rd quarter worth approximately $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $334.33.

Cummins Trading Down 0.5 %

Shares of Cummins stock opened at $361.85 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a fifty day simple moving average of $327.55 and a two-hundred day simple moving average of $301.04. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21. The company has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the company posted $4.73 EPS. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by insiders.

Cummins 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.