KBC Group NV Reduces Holdings in Cummins Inc. (NYSE:CMI)

KBC Group NV lessened its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 8.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,632 shares of the company's stock after selling 6,547 shares during the period. KBC Group NV owned about 0.05% of Cummins worth $22,546,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pathway Financial Advisers LLC increased its position in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Cummins by 8.2% in 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 buying an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the second quarter worth approximately $68,018,000. Finally, SG Americas Securities LLC boosted its holdings in Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company's stock worth $54,574,000 after acquiring an additional 179,346 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.5 %

CMI opened at $361.85 on Friday. The company has a 50 day moving average of $328.91 and a 200 day moving average of $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 12 month low of $220.02 and a 12 month high of $370.21. The company has a market cap of $49.64 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97.

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

Cummins Announces Dividend

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

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. Citigroup increased their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and boosted their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $334.33.

About Cummins

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.