Bokf Na Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Bokf Na decreased its position in Cummins Inc. (NYSE:CMI) by 2.2% during the first quarter, Holdings Channel.com reports. The fund owned 4,797 shares of the company’s stock after selling 106 shares during the quarter. Bokf Na’s holdings in Cummins were worth $1,413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. Norges Bank purchased a new position in shares of Cummins during the fourth quarter valued at about $298,867,000. International Assets Investment Management LLC increased its position in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Cummins by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after buying an additional 246,025 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Cummins by 129.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after acquiring an additional 167,485 shares in the last quarter. Finally, Pinebridge Investments L.P. boosted its stake in Cummins by 1,050.5% during the fourth quarter. Pinebridge Investments L.P. now owns 162,955 shares of the company’s stock worth $39,039,000 after acquiring an additional 148,791 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock traded up $7.21 during midday trading on Friday, reaching $290.38. 545,046 shares of the company traded hands, compared to its average volume of 800,033. The firm has a market capitalization of $39.72 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99. The business has a 50 day moving average of $279.25 and a two-hundred day moving average of $274.68. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, research analysts predict that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.51%. Cummins’s dividend payout ratio is 49.19%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Raymond James assumed coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial dropped their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. TD Cowen boosted their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Robert W. Baird dropped their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $287.18.

Insider Activity at Cummins

In other Cummins news, VP Marvin Boakye bought 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, VP Marvin Boakye bought 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by insiders.

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.