Cummins Inc. (NYSE:CMI) Shares Acquired by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Cummins Inc. (NYSE:CMI) by 10.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 277,973 shares of the company’s stock after purchasing an additional 25,455 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Cummins were worth $76,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CMI. First United Bank & Trust acquired a new position in shares of Cummins during the 4th quarter valued at about $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the fourth quarter worth approximately $26,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins during the second quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $28,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Cummins during the 2nd quarter valued at $29,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 1.1 %

CMI traded up $3.44 during trading hours on Friday, reaching $312.75. 878,001 shares of the stock traded hands, compared to its average volume of 1,749,211. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a market cap of $42.78 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The firm’s fifty day simple moving average is $289.40 and its two-hundred day simple moving average is $284.13.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the firm earned $5.18 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.33%. Cummins’s dividend payout ratio is currently 53.29%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CMI. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Truist Financial increased their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, TD Cowen boosted their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $299.55.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was 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 in the company, valued at $23,870,722.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated 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 sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.