Truist Financial Corp Sells 3,079 Shares of Cummins Inc. (NYSE:CMI)

Truist Financial Corp decreased its holdings in Cummins Inc. (NYSE:CMI) by 8.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,338 shares of the company’s stock after selling 3,079 shares during the period. Truist Financial Corp’s holdings in Cummins were worth $8,678,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Cummins by 80.8% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 2,318 shares of the company’s stock worth $555,000 after buying an additional 1,036 shares during the period. Rafferty Asset Management LLC boosted its holdings in Cummins by 5.4% in the 4th quarter. Rafferty Asset Management LLC now owns 11,882 shares of the company’s stock valued at $2,847,000 after purchasing an additional 611 shares during the period. Belpointe Asset Management LLC increased its holdings in shares of Cummins by 19.8% during the fourth quarter. Belpointe Asset Management LLC now owns 1,416 shares of the company’s stock worth $339,000 after purchasing an additional 234 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Cummins by 1.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 12,605 shares of the company’s stock valued at $3,020,000 after buying an additional 123 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Cummins by 5.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 614,016 shares of the company’s stock valued at $147,100,000 after buying an additional 29,853 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CMI shares. 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. Evercore ISI upped their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird upped their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Citigroup initiated coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $299.55.

Cummins Price Performance

Shares of CMI stock opened at $331.74 on Friday. Cummins Inc. has a one year low of $212.80 and a one year high of $333.43. The company’s 50-day simple moving average is $304.44 and its two-hundred day simple moving average is $291.95. The company has a market capitalization of $45.38 billion, a P/E ratio of 24.29, a P/E/G ratio of 1.81 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. During the same period in the prior year, the company posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

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.