ABN AMRO Bank N.V. Sells 12,466 Shares of Cummins Inc. $CMI

Key Points

• ABN AMRO Bank N.V. cut its Cummins stake by 11.8% in the fourth quarter, selling 12,466 shares and leaving it with 92,822 shares valued at about $47.4 million.
• Cummins reported strong quarterly results, with EPS of $6.15 beating estimates and revenue of $8.40 billion slightly topping forecasts; revenue also rose 2.7% year over year.
• Analysts remain generally positive on CMI, with several raising price targets and the stock carrying a Moderate Buy consensus rating and $649.47 average target price.

ABN AMRO Bank N.V. decreased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 92,822 shares of the company's stock after selling 12,466 shares during the quarter. ABN AMRO Bank N.V. owned 0.07% of Cummins worth $47,447,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners acquired a new stake in shares of Cummins during the 3rd quarter valued at about $473,471,000. London Co. of Virginia acquired a new stake in shares of Cummins during the 3rd quarter valued at about $231,732,000. Bank of New York Mellon Corp boosted its position in shares of Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock valued at $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Cummins by 103.8% during the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company's stock valued at $280,397,000 after acquiring an additional 278,350 shares in the last quarter. Finally, Merewether Investment Management LP acquired a new stake in shares of Cummins during the 3rd quarter valued at about $91,147,000. Institutional investors own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, VP Amy Rochelle Davis sold 4,054 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares of the company's stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares of the company's stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 33,603 shares of company stock valued at $20,047,788 over the last three months. 0.30% of the stock is owned by insiders.

Cummins Trading Down 0.0%

Shares of NYSE CMI opened at $679.25 on Monday. The company's 50 day simple moving average is $586.92 and its 200 day simple moving average is $543.54. Cummins Inc. has a fifty-two week low of $305.13 and a fifty-two week high of $718.08. The firm has a market capitalization of $93.73 billion, a P/E ratio of 35.25, a P/E/G ratio of 1.71 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the business posted $5.96 earnings per share. Cummins's revenue was up 2.7% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins's dividend payout ratio is currently 41.52%.

Analyst Ratings Changes

Several analysts have recently weighed in on CMI shares. Truist Financial set a $815.00 target price on shares of Cummins in a research report on Wednesday. Wells Fargo & Company lifted their target price on shares of Cummins from $693.00 to $794.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a "market perform" rating in a research report on Friday, February 6th. Morgan Stanley boosted their price target on shares of Cummins from $675.00 to $752.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Raymond James Financial boosted their price target on shares of Cummins from $585.00 to $675.00 and gave the company an "outperform" rating in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $649.47.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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