Cummins Inc. $CMI Shares Sold by Varma Mutual Pension Insurance Co

Key Points

• Varma Mutual Pension Insurance Co reduced its Cummins stake by 11.3% in Q4, selling 4,590 shares and leaving it with 36,130 shares valued at about $18.44 million.
• Company insiders sold a total of 31,195 Cummins shares worth roughly $18.4 million in the last quarter, including VP Jennifer Mary Bush (4,270 shares) and VP Earl Newsome (1,300 shares), and insiders now own 0.30% of the stock.
• Cummins beat quarterly expectations with EPS of $5.81 vs. $5.17 and revenue of $8.54 billion, and recently paid a $2.00 quarterly dividend (annualized $8.00, ~1.2% yield).

Varma Mutual Pension Insurance Co reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,130 shares of the company's stock after selling 4,590 shares during the period. Varma Mutual Pension Insurance Co's holdings in Cummins were worth $18,443,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Cummins by 8.4% in the 3rd 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 during the last quarter. New York State Teachers Retirement System increased its stake in shares of Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company's stock valued at $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. increased its stake in shares of Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company's stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Cummins by 2.8% in the 3rd 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 during the last quarter. Finally, Accredited Wealth Management LLC increased its stake in shares of Cummins by 3,100.0% in the 3rd 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 during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In related news, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company's stock, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Earl Newsome sold 1,300 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares of the company's stock, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 31,195 shares of company stock worth $18,397,489 in the last quarter. Company insiders own 0.30% of the company's stock.

Cummins Price Performance

NYSE CMI opened at $657.75 on Tuesday. The business has a 50 day simple moving average of $581.03 and a 200 day simple moving average of $537.79. Cummins Inc. has a 52-week low of $290.73 and a 52-week high of $674.75. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock has a market cap of $90.88 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.08 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. During the same period in the prior year, the business earned $5.16 EPS. Cummins's revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 26.05 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins's dividend payout ratio is presently 38.99%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CMI. Robert W. Baird set a $580.00 price target on Cummins in a research note on Friday, February 6th. Wall Street Zen cut Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. UBS Group set a $565.00 price target on Cummins and gave the company a "neutral" rating in a research note on Friday, February 6th. Citigroup upped their price target on Cummins from $630.00 to $710.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Finally, Truist Financial upped their price target on Cummins from $703.00 to $730.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins has an average rating of "Moderate Buy" and a consensus target price of $600.27.

About Cummins

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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