Cummins Inc. (NYSE:CMI) Shares Sold by Sky Investment Group LLC

Sky Investment Group LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,113 shares of the company’s stock after selling 60 shares during the quarter. Sky Investment Group LLC’s holdings in Cummins were worth $360,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CMI. CWM LLC raised its stake in Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after buying an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC raised its position in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after acquiring an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Cummins during the second quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP increased its stake in Cummins by 190.3% in the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after purchasing an additional 12,087 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Citigroup upped their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $311.55.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Stock Performance

NYSE:CMI traded down $4.42 during midday trading on Tuesday, reaching $329.21. The stock had a trading volume of 90,853 shares, compared to its average volume of 1,552,397. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a market cap of $45.03 billion, a P/E ratio of 24.43, a P/E/G ratio of 1.92 and a beta of 0.98. The firm has a fifty day simple moving average of $313.50 and a two-hundred day simple moving average of $295.11. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $340.82.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.18 earnings per share. On average, equities analysts expect that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.21%. Cummins’s dividend payout ratio is currently 53.29%.

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.