Cummins Inc. (NYSE:CMI) Shares Sold by ING Groep NV

ING Groep NV trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 20.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,558 shares of the company's stock after selling 3,847 shares during the period. ING Groep NV's holdings in Cummins were worth $4,714,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Price T Rowe Associates Inc. MD increased its position in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock valued at $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Pathway Financial Advisers LLC lifted its stake in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock worth $469,869,000 after acquiring an additional 26,977 shares during the last quarter. Legal & General Group Plc lifted its position in Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company's stock valued at $468,503,000 after purchasing an additional 31,190 shares in the last quarter. Finally, Marshfield Associates lifted its position in shares of Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company's stock valued at $288,699,000 after buying an additional 3,076 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 0.5 %

Shares of CMI traded down $1.88 during mid-day trading on Friday, hitting $361.85. The company's stock had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. The firm has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. The company's 50-day moving average is $328.91 and its 200-day moving average is $301.51. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the business posted $4.73 EPS. The business's revenue was up .3% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

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 given a $1.82 dividend. 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 payout ratio is currently 48.08%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company's stock in a transaction dated 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock worth $9,033,945 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and raised their target price for the company from $294.00 to $408.00 in a report on Wednesday. Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Finally, Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $334.33.

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.