KBC Group NV Has $22.55 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

KBC Group NV trimmed its position in Cummins Inc. (NYSE:CMI) by 8.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,632 shares of the company’s stock after selling 6,547 shares during the quarter. KBC Group NV owned about 0.05% of Cummins worth $22,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of CMI. Cultivar Capital Inc. bought a new stake in Cummins during the 2nd quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the second quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins during the third quarter worth $34,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Cummins stock opened at $361.85 on Friday. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a fifty day moving average price of $327.55 and a two-hundred day moving average price of $301.04. The firm has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company posted $4.73 EPS. As a group, analysts anticipate that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial lifted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Citigroup upped their price target on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $294.00 to $408.00 in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $334.33.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were 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 owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock worth $9,033,945 in the last three months. Insiders own 0.56% of the company’s stock.

Cummins Company 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.