Banco Santander S.A. Sells 68 Shares of Cummins Inc. (NYSE:CMI)

Banco Santander S.A. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,688 shares of the company’s stock after selling 68 shares during the period. Banco Santander S.A.’s holdings in Cummins were worth $1,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $236,000. Shell Asset Management Co. bought a new position in shares of Cummins during the 1st quarter worth about $406,000. CreativeOne Wealth LLC acquired a new stake in shares of Cummins in the 1st quarter valued at about $318,000. Canada Pension Plan Investment Board increased its position in Cummins by 51.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 100,547 shares of the company’s stock valued at $29,626,000 after buying an additional 34,347 shares in the last quarter. Finally, LRI Investments LLC bought a new position in Cummins in the first quarter worth approximately $35,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CMI. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Citigroup increased their price objective on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $337.67.

Cummins Stock Up 1.5 %

CMI opened at $372.66 on Friday. The company’s 50-day moving average price is $335.78 and its two-hundred day moving average price is $304.41. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $373.35. The stock has a market cap of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last released 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. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the business posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

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.