TIAA Trust National Association Boosts Stake in Cummins Inc. $CMI

TIAA Trust National Association grew its position in shares of Cummins Inc. (NYSE:CMI) by 836.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 35,117 shares of the company’s stock after buying an additional 31,367 shares during the quarter. TIAA Trust National Association’s holdings in Cummins were worth $14,832,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Banco Santander S.A. boosted its position in Cummins by 8.7% in the third quarter. Banco Santander S.A. now owns 12,115 shares of the company’s stock worth $5,117,000 after purchasing an additional 965 shares during the last quarter. Diversify Wealth Management LLC boosted its holdings in shares of Cummins by 2.4% in the 3rd quarter. Diversify Wealth Management LLC now owns 11,909 shares of the company’s stock worth $5,213,000 after buying an additional 277 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Cummins by 14.5% in the 3rd quarter. Xponance Inc. now owns 24,316 shares of the company’s stock worth $10,270,000 after buying an additional 3,084 shares during the last quarter. DNB Asset Management AS grew its position in Cummins by 2.6% during the third quarter. DNB Asset Management AS now owns 64,379 shares of the company’s stock valued at $27,192,000 after buying an additional 1,659 shares during the period. Finally, Choreo LLC increased its holdings in Cummins by 3.7% during the third quarter. Choreo LLC now owns 14,779 shares of the company’s stock worth $6,242,000 after buying an additional 527 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 1,864 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $586.64, for a total value of $1,093,496.96. Following the completion of the transaction, the vice president directly owned 17,827 shares of the company’s stock, valued at $10,458,031.28. This trade represents a 9.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the company’s 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 completion of the transaction, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research analyst reports. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Barclays lifted their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Wall Street Zen raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Saturday. Wolfe Research downgraded 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, January 26th. Finally, Raymond James Financial upped their price target on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $588.93.

Cummins Price Performance

Shares of NYSE CMI opened at $584.37 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The stock has a market cap of $80.74 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The stock has a fifty day moving average of $566.52 and a 200-day moving average of $484.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.16 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio is currently 38.99%.

Cummins Company 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.