Cummins Inc. (NYSE:CMI) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its holdings in Cummins Inc. (NYSE:CMI) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 28,817 shares of the company’s stock after selling 2,074 shares during the period. Truist Financial Corp’s holdings in Cummins were worth $10,046,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC boosted its stake in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Compass Financial Services Inc purchased a new position in Cummins in the fourth quarter valued at approximately $27,000. Prospera Private Wealth LLC purchased a new position in Cummins in the third quarter valued at approximately $32,000. Ashton Thomas Securities LLC purchased a new position in Cummins in the third quarter valued at approximately $55,000. Finally, Friedenthal Financial acquired a new stake in Cummins in the fourth quarter valued at approximately $55,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Down 4.6 %

Cummins stock opened at $366.79 on Friday. The company has a 50-day simple moving average of $361.51 and a 200-day simple moving average of $341.71. The firm has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a one year low of $259.06 and a one year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.14 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Cummins 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.