Patton Albertson Miller Group LLC Cuts Stake in Cummins Inc. (NYSE:CMI)

Patton Albertson Miller Group LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 5.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,245 shares of the company’s stock after selling 1,319 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Cummins were worth $7,850,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Bank of Montreal Can increased its holdings in shares of Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after purchasing an additional 68,627 shares in the last quarter. Associated Banc Corp increased its holdings in shares of Cummins by 0.8% in the 3rd quarter. Associated Banc Corp now owns 51,026 shares of the company’s stock valued at $16,522,000 after purchasing an additional 410 shares in the last quarter. Private Trust Co. NA grew its stake in Cummins by 2.7% in the 3rd quarter. Private Trust Co. NA now owns 1,743 shares of the company’s stock valued at $564,000 after acquiring an additional 46 shares during the last quarter. Hancock Whitney Corp grew its stake in Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after acquiring an additional 32,642 shares during the last quarter. Finally, Truvestments Capital LLC grew its stake in Cummins by 11.5% in the 3rd quarter. Truvestments Capital LLC now owns 2,207 shares of the company’s stock valued at $715,000 after acquiring an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $375.32 on Tuesday. Cummins Inc. has a fifty-two week low of $222.04 and a fifty-two week high of $377.64. The firm’s 50-day simple moving average is $337.27 and its 200 day simple moving average is $305.21. 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 stock has a market cap of $51.49 billion, a P/E ratio of 24.79, a P/E/G ratio of 1.81 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the business earned $4.73 earnings per share. Cummins’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.94%. Cummins’s payout ratio is presently 48.08%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CMI shares. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $337.67.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

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.