ING Groep NV Purchases 41,622 Shares of Cummins Inc. (NYSE:CMI)

ING Groep NV increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 70.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,405 shares of the company's stock after acquiring an additional 41,622 shares during the quarter. ING Groep NV owned about 0.07% of Cummins worth $24,054,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. Teacher Retirement System of Texas raised its stake in shares of Cummins by 12.1% in the third quarter. Teacher Retirement System of Texas now owns 47,124 shares of the company's stock valued at $10,766,000 after purchasing an additional 5,100 shares in the last quarter. New Mexico Educational Retirement Board lifted its holdings in shares of Cummins by 7.3% during the 3rd quarter. New Mexico Educational Retirement Board now owns 7,354 shares of the company's stock worth $1,680,000 after acquiring an additional 500 shares during the period. Verus Capital Partners LLC lifted its holdings in shares of Cummins by 5.1% during the 3rd quarter. Verus Capital Partners LLC now owns 1,247 shares of the company's stock worth $285,000 after acquiring an additional 60 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Cummins by 5.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 12,931 shares of the company's stock valued at $2,954,000 after acquiring an additional 656 shares in the last quarter. Finally, Csenge Advisory Group increased its stake in Cummins by 3.0% in the third quarter. Csenge Advisory Group now owns 3,965 shares of the company's stock valued at $906,000 after acquiring an additional 117 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Trading Down 0.8 %

Shares of CMI traded down $2.29 on Friday, reaching $285.56. 1,060,345 shares of the company's stock were exchanged, compared to its average volume of 969,709. The business has a 50 day moving average price of $289.61 and a two-hundred day moving average price of $257.75. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $39.06 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 1.79 and a beta of 1.04. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Friday, May 24th will be paid a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, May 23rd. Cummins's payout ratio is 49.19%.

Wall Street Analyst Weigh In

A number of research analysts have commented on CMI shares. TD Cowen lifted their price objective on Cummins from $272.00 to $292.00 and gave the company a "buy" rating in a report on Friday, May 10th. The Goldman Sachs Group upped their price target on Cummins from $270.00 to $306.00 and gave the company a "neutral" rating in a research report on Tuesday, April 16th. StockNews.com raised Cummins from a "hold" rating to a "buy" rating in a report on Wednesday, May 8th. Truist Financial reaffirmed a "hold" rating and issued a $319.00 target price on shares of Cummins in a report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $245.00 to $275.00 and gave the company an "underweight" rating in a research note on Monday, March 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $284.36.

Insider Activity at Cummins

In other news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares of the company's stock, valued at $284,696.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 43,430 shares of company stock worth $11,608,848 in the last ninety days. Company insiders own 0.56% of the company's stock.

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.

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