Keybank National Association OH Has $64.95 Million Stock Position in Cummins Inc. $CMI

Key Points

• KeyBank National Association OH raised its position in Cummins by 4.1% to 127,235 shares, valued at about $64.95 million (roughly 0.09% of the company).
• Cummins beat quarterly expectations with $5.81 EPS (vs. $5.17 est.) and $8.54B revenue, and analysts are broadly positive—MarketBeat shows a “Moderate Buy” consensus and an average target of $600.27, with several firms raising targets up to $693.
• Institutional ownership is high at 83.46%, while insiders sold 31,195 shares (~$18.4M) last quarter and now own only 0.30% of the stock.

Keybank National Association OH grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 127,235 shares of the company's stock after acquiring an additional 4,988 shares during the period. Keybank National Association OH owned about 0.09% of Cummins worth $64,947,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Boston Partners bought a new stake in shares of Cummins in the 3rd quarter valued at about $473,471,000. London Co. of Virginia bought a new position in shares of Cummins during the third quarter worth about $231,732,000. Bank of New York Mellon Corp raised its position in shares of Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock worth $612,715,000 after acquiring an additional 488,430 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company's stock valued at $280,397,000 after acquiring an additional 278,350 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in Cummins in the third quarter valued at approximately $91,147,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Robert W. Baird set a $580.00 price target on shares of Cummins in a report on Friday, February 6th. Wolfe Research lowered shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 price objective on the stock. in a research note on Monday, January 26th. Barclays increased their price objective on shares of Cummins from $546.00 to $610.00 and gave the stock an "overweight" rating in a research report on Friday, January 23rd. Wells Fargo & Company lifted their target price on shares of Cummins from $630.00 to $693.00 and gave the stock an "overweight" rating in a research note on Monday, April 13th. Finally, Morgan Stanley restated an "overweight" rating and issued a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of "Moderate Buy" and an average target price of $600.27.

Cummins Stock Performance

Shares of CMI stock opened at $642.21 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a fifty day simple moving average of $578.57 and a two-hundred day simple moving average of $534.38. Cummins Inc. has a 12 month low of $284.23 and a 12 month high of $665.13. The firm has a market capitalization of $88.73 billion, a PE ratio of 31.30, a price-to-earnings-growth ratio of 2.09 and a beta of 1.14.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business's revenue was up 1.1% on a year-over-year basis. During the same period last year, the company earned $5.16 earnings per share. Analysts forecast that Cummins Inc. will post 26.03 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins's dividend payout ratio is presently 38.99%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 1,300 shares of the firm's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares in the company, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 31,195 shares of company stock worth $18,397,489. 0.30% of the stock is currently owned by insiders.

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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