Cummins Inc. (NYSE:CMI) Shares Sold by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co reduced its position in shares of Cummins Inc. (NYSE:CMI) by 14.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,750 shares of the company’s stock after selling 8,280 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Cummins were worth $13,777,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CMI. First United Bank & Trust purchased a new position in Cummins in the 4th quarter worth about $25,000. Private Wealth Management Group LLC purchased a new position in Cummins in the 4th quarter worth about $26,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the 2nd quarter worth about $28,000. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter worth about $28,000. Finally, Lynx Investment Advisory purchased a new position in Cummins in the 2nd quarter worth about $29,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’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 value 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’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 value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. Truist Financial lifted their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $299.55.

Cummins Stock Down 1.2 %

Shares of Cummins stock opened at $293.21 on Monday. The firm has a market cap of $40.18 billion, a price-to-earnings ratio of 21.46, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The stock has a 50-day simple moving average of $292.17 and a 200-day simple moving average of $286.20.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the company earned $5.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is 53.29%.

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.