Banco Santander S.A. Trims Stock Position in Cummins Inc. (NYSE:CMI)

Banco Santander S.A. lessened its position in shares of Cummins Inc. (NYSE:CMI) by 77.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 822 shares of the company’s stock after selling 2,866 shares during the period. Banco Santander S.A.’s holdings in Cummins were worth $287,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. State Street Corp increased its holdings in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC grew its position in Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares in the last quarter. FMR LLC increased its stake in Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after acquiring an additional 9,245 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after acquiring an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Cummins by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock valued at $308,303,000 after acquiring an additional 17,687 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $333.82 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $361.48 and its 200 day simple moving average is $346.72. The firm has a market cap of $45.89 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the business earned $4.14 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analyst Ratings Changes

Several research firms recently weighed in on CMI. Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Evercore ISI raised their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Company 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.