Harel Insurance Investments & Financial Services Ltd. Sells 728 Shares of Cummins Inc. (NYSE:CMI)

Harel Insurance Investments & Financial Services Ltd. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 30.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,669 shares of the company’s stock after selling 728 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Cummins were worth $400,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of Cummins during the 3rd quarter worth approximately $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins during the 3rd quarter worth approximately $28,000. Tyler Stone Wealth Management purchased a new stake in Cummins in the 2nd quarter worth about $30,000. Global Wealth Strategies & Associates bought a new stake in Cummins in the 3rd quarter valued at about $29,000. Finally, Quarry LP purchased a new stake in Cummins during the first quarter valued at about $32,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $243.00 to $225.00 in a research report on Friday, January 19th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Truist Financial started coverage on Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective on the stock. Citigroup lifted their target price on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Finally, Morgan Stanley assumed coverage on shares of Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $276.10.

Cummins Stock Up 0.5 %

Shares of NYSE:CMI opened at $299.98 on Monday. The firm has a market capitalization of $41.03 billion, a PE ratio of 57.65, a price-to-earnings-growth ratio of 2.03 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The firm has a fifty day moving average of $275.89 and a 200 day moving average of $246.40.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Transactions at Cummins

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel William Fisher acquired 562 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by insiders.

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.