BNP PARIBAS ASSET MANAGEMENT Holding S.A. Lowers Stock Position in Cummins Inc. (NYSE:CMI)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,271 shares of the company's stock after selling 9,702 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned approximately 0.20% of Cummins worth $86,863,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in CMI. Clearbridge Investments LLC bought a new stake in Cummins during the first quarter worth about $236,000. Lake Street Advisors Group LLC lifted its position in Cummins by 17.4% in the 1st quarter. Lake Street Advisors Group LLC now owns 1,306 shares of the company's stock worth $385,000 after buying an additional 194 shares during the last quarter. Shell Asset Management Co. purchased a new stake in Cummins in the first quarter worth approximately $406,000. CreativeOne Wealth LLC bought a new position in Cummins during the first quarter valued at approximately $318,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Cummins by 60.4% during the first quarter. Advisors Asset Management Inc. now owns 16,120 shares of the company's stock worth $4,750,000 after acquiring an additional 6,071 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Wednesday, November 13th. The stock was 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 directly owns 20,803 shares of the company's stock, valued at $7,540,879.47. The trade was a 9.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,576 shares of company stock valued at $9,033,945. Corporate insiders own 0.56% of the company's stock.

Cummins Price Performance

CMI stock opened at $360.95 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a 50 day moving average price of $332.94 and a 200-day moving average price of $303.34. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The firm has a market capitalization of $49.52 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $4.73 EPS. Equities research analysts forecast that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.02%. Cummins's dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Truist Financial increased their target price on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Citigroup raised their price target on Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a research report on Wednesday. Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $337.67.

Cummins Company 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.

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