Cummins Inc. (NYSE:CMI) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC cut its stake in Cummins Inc. (NYSE:CMI) by 0.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,918 shares of the company’s stock after selling 78 shares during the quarter. Private Advisor Group LLC’s holdings in Cummins were worth $6,125,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new position in shares of Cummins during the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins during the 3rd quarter worth approximately $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated 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 transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was 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 Down 1.0 %

Shares of NYSE:CMI opened at $329.17 on Friday. 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 business has a fifty day moving average of $315.70 and a two-hundred day moving average of $295.82. The stock has a market cap of $45.02 billion, a P/E ratio of 24.10, a PEG ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $340.82.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted $5.18 EPS. On average, research analysts expect that Cummins Inc. will post 19.77 earnings per share 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 dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 53.29%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Citigroup boosted their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial boosted 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 investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $311.55.

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.