Keybank National Association OH Cuts Stock Holdings in Cummins Inc. $CMI

Key Points

• Keybank National Association OH trimmed its Cummins stake by 1.4% in the first quarter, selling 1,780 shares and ending with 125,455 shares valued at about $67.5 million.
• Insider selling has been notable, with executives Bonnie J. Fetch and Donald G. Jackson both selling shares recently; company insiders have sold 13,579 shares worth about $9.38 million over the last 90 days.
• Cummins reported solid quarterly results, beating EPS estimates at $6.15 on revenue of $8.40 billion, while analysts remain generally positive with a consensus Moderate Buy rating and an average target price of $738.

Keybank National Association OH lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,455 shares of the company's stock after selling 1,780 shares during the period. Keybank National Association OH owned approximately 0.09% of Cummins worth $67,497,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Thompson Investment Management Inc. purchased a new position in shares of Cummins in the fourth quarter worth $26,000. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins during the fourth quarter valued at $27,000. Key Financial Inc increased its holdings in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares in the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new position in Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares in the company, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Donald G. Jackson sold 730 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company's stock.

Cummins Price Performance

NYSE CMI opened at $662.21 on Friday. The company has a 50-day moving average price of $677.11 and a 200-day moving average price of $603.19. Cummins Inc. has a 52 week low of $325.25 and a 52 week high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $91.38 billion, a P/E ratio of 34.36, a PEG ratio of 1.67 and a beta of 1.22.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm's revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.96 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research analyst reports. Truist Financial upped their target price on shares of Cummins from $815.00 to $901.00 and gave the company a "buy" rating in a research note on Thursday. Zacks Research upgraded shares of Cummins from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Raymond James Financial increased their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $738.00.

About Cummins

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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