Cummins Inc. (NYSE:CMI) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its holdings in Cummins Inc. (NYSE:CMI) by 6.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,817 shares of the company’s stock after selling 2,074 shares during the quarter. Truist Financial Corp’s holdings in Cummins were worth $10,046,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. CIBC Asset Management Inc lifted its holdings in Cummins by 2.5% in the 4th quarter. CIBC Asset Management Inc now owns 23,922 shares of the company’s stock valued at $8,339,000 after acquiring an additional 582 shares during the last quarter. Pittenger & Anderson Inc. lifted its holdings in Cummins by 146.7% in the 4th quarter. Pittenger & Anderson Inc. now owns 370 shares of the company’s stock valued at $129,000 after acquiring an additional 220 shares during the last quarter. Catalyst Capital Advisors LLC lifted its holdings in Cummins by 20.7% in the 4th quarter. Catalyst Capital Advisors LLC now owns 10,770 shares of the company’s stock valued at $3,754,000 after acquiring an additional 1,850 shares during the last quarter. Americana Partners LLC lifted its holdings in Cummins by 9.5% in the 4th quarter. Americana Partners LLC now owns 2,773 shares of the company’s stock valued at $967,000 after acquiring an additional 241 shares during the last quarter. Finally, Monument Capital Management acquired a new stake in Cummins in the 4th quarter valued at about $216,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research analyst reports. Barclays upped their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Price Performance

Shares of CMI opened at $366.79 on Friday. The company has a market capitalization of $50.43 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. Cummins Inc. has a fifty-two week low of $259.06 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business’s 50-day moving average is $361.51 and its 200-day moving average is $341.71.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

Cummins 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.