ING Groep NV Has $5.47 Million Stake in Cummins Inc. (NYSE:CMI)

Key Points

• ING Groep NV has decreased its holdings in Cummins Inc. by 10.6%, selling 2,060 shares during the 1st quarter, leaving it with a total of 17,461 shares valued at $5.47 million.
• Analysts are optimistic about Cummins, with the Goldman Sachs Group upgrading its rating from "neutral" to "buy", raising the price target from $410 to $431 per share.
• Cummins recently declared a quarterly dividend of $2.00, increasing from its previous dividend of $1.82, with a yield of 2.1%.

ING Groep NV lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 10.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,461 shares of the company's stock after selling 2,060 shares during the period. ING Groep NV's holdings in Cummins were worth $5,473,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CMI. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares during the last quarter. Headlands Technologies LLC bought a new position in Cummins in the 4th quarter worth $69,000. World Investment Advisors bought a new position in Cummins in the 4th quarter worth $309,000. Federated Hermes Inc. raised its holdings in Cummins by 3.0% in the 4th quarter. Federated Hermes Inc. now owns 13,887 shares of the company's stock worth $4,841,000 after acquiring an additional 403 shares during the period. Finally, FMR LLC raised its holdings in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after acquiring an additional 67,266 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CMI shares. Evercore ISI dropped their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Truist Financial lifted their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday. Citigroup lifted their target price on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday. Morgan Stanley lifted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $370.83.

Insider Buying and Selling

In other news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

NYSE:CMI traded up $2.96 during mid-day trading on Friday, hitting $387.57. The company's stock had a trading volume of 932,746 shares, compared to its average volume of 1,043,067. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $391.56. The company has a current ratio of 1.64, a quick ratio of 0.81 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $53.40 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 1.90 and a beta of 1.02. The stock has a fifty day moving average of $338.51 and a 200-day moving average of $331.56.

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

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.1%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 34.23%.

About Cummins

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.