KBC Group NV Sells 2,729 Shares of Cummins Inc. $CMI

Key Points

• KBC Group NV trimmed its stake in Cummins by 3.3%, selling 2,729 shares and leaving it with 81,171 shares (about 0.06% of the company) valued at roughly $41.43 million.
• Company insiders have been net sellers recently — they disposed of 31,195 shares valued at about $18.4 million over the past 90 days, including VP Jennifer Mary Bush (4,270 shares) and VP Donald G. Jackson (1,600 shares).
• Cummins posted a quarterly beat (EPS $5.81 vs. $5.17; revenue $8.54B vs. $8.09B), analysts have raised price targets and the consensus is a "Moderate Buy" with an average target of $598.47.

KBC Group NV reduced its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,171 shares of the company's stock after selling 2,729 shares during the quarter. KBC Group NV owned 0.06% of Cummins worth $41,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Thompson Investment Management Inc. bought a new position in shares of Cummins during the fourth quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new stake in Cummins during the third quarter valued at $28,000. Osterweis Capital Management Inc. purchased a new stake in Cummins during the second quarter valued at $31,000. Holos Integrated Wealth LLC purchased a new stake in Cummins during the fourth quarter valued at $32,000. Finally, Palouse Capital Management Inc. purchased a new stake in Cummins during the fourth quarter valued at $33,000. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In other news, VP Jennifer Mary Bush sold 4,270 shares of the company's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares of the company's stock, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Donald G. Jackson sold 1,600 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares of the company's stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of CMI opened at $608.50 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The business has a 50-day simple moving average of $570.32 and a two-hundred day simple moving average of $520.85. The stock has a market cap of $84.07 billion, a price-to-earnings ratio of 29.65, a PEG ratio of 1.90 and a beta of 1.14. Cummins Inc. has a 52 week low of $269.24 and a 52 week high of $620.78.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts' consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.16 earnings per share. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins's dividend payout ratio is 38.99%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. Wells Fargo & Company upped their price objective on Cummins from $630.00 to $693.00 and gave the company an "overweight" rating in a research report on Monday. Barclays upped their price objective on Cummins from $546.00 to $610.00 and gave the company an "overweight" rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Cummins in a research report on Friday, April 10th. JPMorgan Chase & Co. upped their price objective on Cummins from $485.00 to $580.00 and gave the company a "neutral" rating in a research report on Wednesday, January 14th. Finally, Robert W. Baird set a $580.00 price objective on Cummins in a research report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $598.47.

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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