Cummins Inc. (NYSE:CMI) Shares Sold by Cadence Bank

Cadence Bank cut its holdings in Cummins Inc. (NYSE:CMI) by 0.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,586 shares of the company’s stock after selling 29 shares during the period. Cadence Bank’s holdings in Cummins were worth $2,132,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CMI. Chicago Capital LLC grew its position in shares of Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares in the last quarter. Equitable Trust Co. boosted its holdings in Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after purchasing an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after purchasing an additional 35 shares during the period. EP Wealth Advisors LLC lifted its position in shares of Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after buying an additional 35 shares during the last quarter. Finally, Fidelis Capital Partners LLC boosted its holdings in shares of Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird lifted their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $337.67.

Insider Activity

In related news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $377.59 on Wednesday. Cummins Inc. has a 52-week low of $222.04 and a 52-week high of $377.69. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $51.80 billion, a P/E ratio of 24.94, a PEG ratio of 1.82 and a beta of 0.97. The business’s 50-day moving average price is $338.79 and its 200 day moving average price is $305.77.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm posted $4.73 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

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.