Amalgamated Bank Cuts Position in Cummins Inc. (NYSE:CMI)

Amalgamated Bank trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 4.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,672 shares of the company’s stock after selling 1,392 shares during the period. Amalgamated Bank’s holdings in Cummins were worth $7,663,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Beacon Financial Group boosted its holdings in Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after purchasing an additional 126 shares in the last quarter. KBC Group NV boosted its holdings in Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after purchasing an additional 57,341 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Cummins in the second quarter valued at approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP boosted its holdings in Cummins by 190.3% in the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after purchasing an additional 12,087 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on CMI. JPMorgan Chase & Co. upped their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Raymond James began coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Truist Financial increased their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $299.55.

Cummins Price Performance

Cummins stock opened at $309.22 on Friday. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The business has a 50 day simple moving average of $297.25 and a 200-day simple moving average of $287.97. The stock has a market capitalization of $42.30 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.18 earnings per share. Equities analysts predict that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.35%. Cummins’s dividend payout ratio is presently 53.29%.

Cummins 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.