Keybank National Association OH Sells 784 Shares of Cummins Inc. (NYSE:CMI)

Keybank National Association OH cut its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 0.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 125,994 shares of the company's stock after selling 784 shares during the period. Keybank National Association OH owned 0.09% of Cummins worth $39,492,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Signaturefd LLC raised its position in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after acquiring an additional 28 shares during the period. Fiduciary Trust Co increased its stake in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares in the last quarter. Mindset Wealth Management LLC increased its stake in shares of Cummins by 1.7% in the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after purchasing an additional 35 shares in the last quarter. Garrison Point Advisors LLC increased its stake in shares of Cummins by 1.1% in the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after purchasing an additional 35 shares in the last quarter. Finally, Ascent Group LLC increased its stake in shares of Cummins by 2.7% in the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the subject of a number of analyst reports. Truist Financial reduced their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup reissued a "buy" rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Finally, Robert W. Baird reduced their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $358.08.

Cummins Price Performance

CMI traded down $1.61 during trading on Thursday, hitting $331.83. 549,622 shares of the company traded hands, compared to its average volume of 774,005. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a market cap of $45.71 billion, a PE ratio of 16.51, a P/E/G ratio of 2.01 and a beta of 1.03. The stock's 50-day simple moving average is $318.77 and its two-hundred day simple moving average is $331.87. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40.

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

Cummins Announces Dividend

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