KBC Group NV Acquires 42,742 Shares of Cummins Inc. (NYSE:CMI)

KBC Group NV raised its stake in shares of Cummins Inc. (NYSE:CMI) by 61.4% during the 4th quarter, Holdings Channel reports. The fund owned 112,374 shares of the company’s stock after purchasing an additional 42,742 shares during the period. KBC Group NV’s holdings in Cummins were worth $39,174,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Pathway Financial Advisers LLC grew its position in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares in the last quarter. State Street Corp lifted its holdings in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Finally, abrdn plc boosted its position in shares of Cummins by 22.5% in the 3rd quarter. abrdn plc now owns 611,810 shares of the company’s stock worth $198,119,000 after purchasing an additional 112,529 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last three months. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $348.27 on Tuesday. The business’s 50-day moving average is $363.94 and its two-hundred day moving average is $331.60. The company has a market capitalization of $47.78 billion, a P/E ratio of 23.00, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins Inc. has a fifty-two week low of $236.00 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the business earned $4.73 earnings per share. Cummins’s quarterly revenue was up .3% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 21.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CMI. The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

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.