Cummins Inc. $CMI Shares Sold by MUFG Securities EMEA plc

Key Points

• MUFG Securities EMEA plc cut its Cummins stake by 6.5% in the fourth quarter, selling 1,978 shares and leaving it with 28,659 shares valued at about $14.6 million.
• Insider selling picked up recently, with vice presidents Donald G. Jackson and Marvin Boakye among those selling shares; insiders sold 17,633 shares worth about $11.7 million over the last three months.
• Analysts remain constructive on Cummins, with several raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target of $700.50, while the company also beat quarterly earnings expectations and announced a $2.00 per share dividend.

MUFG Securities EMEA plc lessened its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,659 shares of the company's stock after selling 1,978 shares during the quarter. MUFG Securities EMEA plc's holdings in Cummins were worth $14,629,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its position in Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock valued at $13,107,000 after acquiring an additional 2,417 shares in the last quarter. Fisher Asset Management LLC grew its position in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock valued at $1,422,121,000 after acquiring an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC grew its position in Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock valued at $1,352,000 after acquiring an additional 3,100 shares in the last quarter. State of New Jersey Common Pension Fund D grew its position in Cummins by 5.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company's stock valued at $20,610,000 after acquiring an additional 2,574 shares in the last quarter. Finally, Strengthening Families & Communities LLC grew its position in shares of Cummins by 2,719.7% during the third quarter. Strengthening Families & Communities LLC now owns 8,882 shares of the company's stock worth $3,717,000 after buying an additional 8,567 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity

In related news, VP Donald G. Jackson sold 730 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,633 shares of company stock valued at $11,653,357 over the last three months. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CMI. Raymond James Financial raised their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research report on Tuesday. Citigroup raised their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Wall Street Zen downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Truist Financial set a $815.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Finally, Sanford C. Bernstein reissued a "market perform" rating on shares of Cummins in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $700.50.

Cummins Stock Down 3.3%

CMI stock opened at $646.53 on Friday. The firm has a 50 day simple moving average of $623.70 and a 200-day simple moving average of $569.87. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The company has a market capitalization of $89.22 billion, a P/E ratio of 33.55, a PEG ratio of 1.57 and a beta of 1.27. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period last year, the business posted $5.96 earnings per share. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post 29.4 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins's dividend payout ratio (DPR) is 41.52%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.