Bokf Na Sells 106 Shares of Cummins Inc. (NYSE:CMI)

Bokf Na lessened its position in shares of Cummins Inc. (NYSE:CMI) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,797 shares of the company’s stock after selling 106 shares during the period. Bokf Na’s holdings in Cummins were worth $1,413,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CMI. Pacer Advisors Inc. increased its holdings in Cummins by 27.3% during the 4th quarter. Pacer Advisors Inc. now owns 11,588 shares of the company’s stock worth $2,776,000 after purchasing an additional 2,484 shares in the last quarter. Ritholtz Wealth Management grew its holdings in shares of Cummins by 2.8% in the 4th quarter. Ritholtz Wealth Management now owns 4,743 shares of the company’s stock valued at $1,136,000 after acquiring an additional 130 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Cummins by 57.8% in the 4th quarter. Global Retirement Partners LLC now owns 2,811 shares of the company’s stock valued at $660,000 after acquiring an additional 1,030 shares in the last quarter. Quent Capital LLC grew its holdings in shares of Cummins by 28.6% in the 4th quarter. Quent Capital LLC now owns 576 shares of the company’s stock valued at $138,000 after acquiring an additional 128 shares in the last quarter. Finally, CMH Wealth Management LLC grew its holdings in shares of Cummins by 2.1% in the 4th quarter. CMH Wealth Management LLC now owns 14,219 shares of the company’s stock valued at $3,406,000 after acquiring an additional 288 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Truist Financial reduced their price target on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Two 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $287.18.

Insider Activity at Cummins

In other news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, 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 currently owned by insiders.

Cummins Stock Performance

CMI stock traded up $7.21 during mid-day trading on Friday, hitting $290.38. 545,046 shares of the company were exchanged, compared to its average volume of 800,033. The business has a 50 day simple moving average of $279.25 and a 200-day simple moving average of $274.68. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $39.72 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings results 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 business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

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

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.