Cummins Inc. $CMI Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. decreased its holdings in Cummins Inc. by 2.0%, now owning 72,900 shares valued at approximately $21.15 million after selling 1,500 shares.
• Recent changes in institutional positions include increases by Fiduciary Trust Co., Bank of Jackson Hole Trust, and others, with institutional investors now owning 83.46% of Cummins stock.
• Cummins declared a quarterly dividend of $2.00 per share, an increase from the previous dividend of $1.82, representing an annual yield of 2.0%.

APG Asset Management N.V. reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,900 shares of the company's stock after selling 1,500 shares during the quarter. APG Asset Management N.V. owned approximately 0.05% of Cummins worth $21,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Olde Wealth Management LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new position in Cummins in the 1st quarter valued at $31,000. Capital A Wealth Management LLC bought a new position in Cummins in the 4th quarter valued at $32,000. Opal Wealth Advisors LLC bought a new position in Cummins in the first quarter worth approximately $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins in the first quarter worth approximately $39,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Cummins stock traded up $0.80 during mid-day trading on Thursday, reaching $402.20. 453,716 shares of the company traded hands, compared to its average volume of 876,740. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $408.38. The company has a market capitalization of $55.42 billion, a price-to-earnings ratio of 18.91, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The firm's fifty day moving average is $359.93 and its two-hundred day moving average is $335.12.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the prior year, the business posted $5.26 EPS. Cummins's revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,039 shares of company stock worth $10,385,075 in the last three months. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Truist Financial boosted their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Citigroup boosted their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $370.83.

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.