KBC Group NV Sells 5,801 Shares of Cummins Inc. (NYSE:CMI)

KBC Group NV cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,573 shares of the company's stock after selling 5,801 shares during the quarter. KBC Group NV owned about 0.08% of Cummins worth $33,404,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Cummins in the 4th quarter worth about $499,490,000. GAMMA Investing LLC raised its stake in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. purchased a new stake in Cummins during the 4th quarter worth about $187,082,000. Vanguard Group Inc. boosted its stake in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the period. Finally, Northern Trust Corp boosted its stake in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Citigroup reissued a "buy" rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. One investment 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 MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $358.08.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction on Friday, May 16th. The stock was acquired 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of Cummins stock traded down $1.61 during trading on Thursday, hitting $331.83. 549,622 shares of the stock traded hands, compared to its average volume of 863,820. The stock has a market cap of $45.71 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.98 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The firm's fifty day moving average is $318.01 and its 200-day moving average is $332.11.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.08 earnings per share. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is presently 36.22%.

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.