Cummins Inc. $CMI Position Cut by Cardinal Capital Management Inc.

by · The Markets Daily

Cardinal Capital Management Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 2.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 93,947 shares of the company’s stock after selling 1,879 shares during the period. Cummins accounts for about 1.1% of Cardinal Capital Management Inc.’s portfolio, making the stock its 26th biggest position. Cardinal Capital Management Inc.’s holdings in Cummins were worth $48,530,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. BlackRock Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins in the 2nd quarter worth $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins in the 2nd quarter worth $973,198,000. Legal & General Group Plc acquired a new stake in shares of Cummins during the second quarter worth $666,635,000. Finally, Amundi grew its stake in shares of Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMI. Truist Financial cut their target price on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Evercore reduced their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a report on Tuesday, August 11th. CICC Research assumed coverage on Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Citigroup lowered their price target on Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Finally, JPMorgan Chase & Co. lowered their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Read Our Latest Analysis on Cummins

Cummins Price Performance

NYSE CMI opened at $530.72 on Friday. The business has a 50 day simple moving average of $555.86 and a 200 day simple moving average of $619.86. Cummins Inc. has a 52-week low of $405.82 and a 52-week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market cap of $73.06 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.43 EPS. Analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio is 44.97%.

Insider Buying and Selling

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, 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 SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

(Free Report)

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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