Cummins Inc. $CMI Stock Holdings Lifted by Mn Services Vermogensbeheer B.V.

Key Points

• Mn Services Vermogensbeheer increased its Cummins stake by 428.4% in the third quarter, adding 172,580 shares to own 212,863 shares valued at approximately $110 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share fell short of analysts’ $7.21 estimate. The stock opened at $520.13, well below its 52-week high of $737.76.
• The company raised its quarterly dividend from $2.00 to $2.20, or $8.80 annually, yielding about 1.7%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $717.59.

Mn Services Vermogensbeheer B.V. increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 428.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 212,863 shares of the company's stock after purchasing an additional 172,580 shares during the quarter. Cummins makes up about 0.8% of Mn Services Vermogensbeheer B.V.'s holdings, making the stock its 26th biggest position. Mn Services Vermogensbeheer B.V. owned approximately 0.15% of Cummins worth $109,959,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Cummins during the second quarter valued at about $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins during the 2nd quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins in the 2nd quarter worth approximately $666,635,000. Finally, Amundi lifted its stake in Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company's stock valued at $637,446,000 after purchasing an additional 147,093 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Stock Up 0.5%

Shares of NYSE CMI opened at $520.13 on Friday. The firm's fifty day moving average is $569.74 and its 200 day moving average is $620.98. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market cap of $71.60 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 1.36 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the business posted $6.43 earnings per share. Cummins's quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, August 21st. This is an increase from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is currently 44.97%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent research reports. Wells Fargo & Company dropped their price objective on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating on the stock in a report on Thursday. Bank of America lowered their target price on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. DA Davidson increased their target price on Cummins from $605.00 to $750.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Truist Financial cut their price target on Cummins from $894.00 to $779.00 and set a "buy" rating for the company in a report on Monday. Finally, Evercore decreased their price objective on Cummins from $845.00 to $782.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $717.59.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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