QV Investors Inc. Reduces Stake in Cummins Inc. (NYSE:CMI)

QV Investors Inc. lessened its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 22.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,285 shares of the company's stock after selling 4,410 shares during the period. QV Investors Inc.'s holdings in Cummins were worth $5,328,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins in the third quarter valued at about $34,000. Ashton Thomas Securities LLC acquired a new position in Cummins during the third quarter worth about $55,000. Bangor Savings Bank lifted its holdings in shares of Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company's stock worth $62,000 after acquiring an additional 35 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Cummins during the 2nd quarter valued at approximately $67,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Evercore ISI upgraded 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, November 13th. Truist Financial increased their target price on Cummins from $369.00 to $424.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $363.50.

Cummins Stock Up 1.7 %

NYSE:CMI traded up $5.92 during trading hours on Monday, reaching $360.80. The company had a trading volume of 595,796 shares, compared to its average volume of 575,728. The business's 50-day simple moving average is $361.92 and its two-hundred day simple moving average is $325.03. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The firm has a market cap of $49.50 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 1.80 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 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 during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company posted $4.73 EPS. The firm's revenue was up .3% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.02%. Cummins's payout ratio is 48.08%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company's stock.

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.