Krane Funds Advisors LLC Sells 909 Shares of Cummins Inc. (NYSE:CMI)

Krane Funds Advisors LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 51.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 867 shares of the company’s stock after selling 909 shares during the quarter. Krane Funds Advisors LLC’s holdings in Cummins were worth $240,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Price T Rowe Associates Inc. MD boosted its holdings in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Cummins by 4.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock valued at $619,982,000 after buying an additional 103,018 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in Cummins by 3.1% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after acquiring an additional 43,090 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after acquiring an additional 64,365 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cummins in the fourth quarter valued at $298,867,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

NYSE CMI opened at $302.13 on Friday. The firm’s fifty day simple moving average is $294.86 and its two-hundred day simple moving average is $287.04. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The firm has a market capitalization of $41.41 billion, a P/E ratio of 22.12, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the firm earned $5.18 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

Analysts Set New Price Targets

A number of equities analysts have commented on CMI shares. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial raised their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Citigroup assumed coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $299.55.

About Cummins

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.