Truist Financial Corp Has $25.79 Million Holdings in Cummins Inc. $CMI

Truist Financial Corp lifted its stake in Cummins Inc. (NYSE:CMI) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,054 shares of the company’s stock after acquiring an additional 1,084 shares during the period. Truist Financial Corp’s holdings in Cummins were worth $25,787,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Cummins during the 2nd quarter worth about $505,941,000. American Century Companies Inc. grew its position in Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after buying an additional 528,689 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares during the period. Vanguard Group Inc. raised its holdings in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. Finally, Amundi lifted its position in shares of Cummins by 48.6% in the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock worth $343,699,000 after acquiring an additional 337,074 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 1.0%

Shares of Cummins stock opened at $578.24 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $592.53. The stock has a market capitalization of $79.82 billion, a P/E ratio of 30.01, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12. The company has a 50-day simple moving average of $532.03 and a 200 day simple moving average of $453.01. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $5.86 earnings per share. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CMI. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a research note on Monday, December 22nd. Wells Fargo & Company increased their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Barclays lifted their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Finally, UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $522.07.

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 19,130 shares of company stock worth $9,045,544. 0.41% of the stock is currently owned by insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.