Glenmede Trust Co. NA Sells 3,291 Shares of Cummins Inc. $CMI

Glenmede Trust Co. NA decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,288 shares of the company's stock after selling 3,291 shares during the period. Glenmede Trust Co. NA's holdings in Cummins were worth $13,605,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new stake in Cummins in the fourth quarter worth approximately $863,441,000. Boston Partners bought a new position in Cummins during the third quarter valued at approximately $473,471,000. SG Americas Securities LLC grew its position in Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock valued at $396,343,000 after acquiring an additional 530,812 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Cummins by 245.1% during the fourth quarter. First Trust Advisors LP now owns 542,796 shares of the company's stock worth $277,071,000 after acquiring an additional 385,525 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CMI shares. Truist Financial boosted their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. increased their target price on shares of Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. UBS Group reiterated a "buy" rating on shares of Cummins in a research report on Wednesday, June 17th. Morgan Stanley boosted their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Finally, Citigroup lifted their price objective on Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $740.07.

Insider Transactions at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider directly owned 10,404 shares of the company's stock, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,579 shares of company stock valued at $9,377,684. Company insiders own 0.30% of the company's stock.

Cummins Stock Up 0.2%

Shares of Cummins stock opened at $635.55 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The stock has a market capitalization of $87.70 billion, a price-to-earnings ratio of 32.98, a P/E/G ratio of 1.55 and a beta of 1.24. The company's 50 day moving average price is $670.10 and its 200-day moving average price is $622.95.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the business posted $5.96 EPS. The firm's revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins's dividend payout ratio is presently 41.52%.

Cummins 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.

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