Truist Financial Corp Purchases 1,084 Shares of Cummins Inc. $CMI

Truist Financial Corp grew its position in Cummins Inc. (NYSE:CMI) by 1.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 61,054 shares of the company’s stock after purchasing an additional 1,084 shares during the period. Truist Financial Corp’s holdings in Cummins were worth $25,787,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CMI. Vanguard Group Inc. raised its holdings in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. State Street Corp grew its position in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares during the period. Geode Capital Management LLC raised its stake in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after buying an additional 43,720 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after buying an additional 142,058 shares during the period. Finally, Norges Bank acquired a new position in Cummins in the second quarter valued at approximately $505,941,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research report on Monday. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Argus increased their target price on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Finally, Wells Fargo & Company upped their price target on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $522.07.

Insider Transactions at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,130 shares of company stock valued at $9,045,544 over the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 1.0%

NYSE CMI opened at $578.24 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $592.53. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The firm has a market cap of $79.82 billion, a P/E ratio of 30.01, a P/E/G ratio of 2.05 and a beta of 1.12. The stock’s 50-day moving average is $532.03 and its 200-day moving average is $453.01.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.86 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

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.