Freedom Investment Management Inc. Sells 67 Shares of Cummins Inc. $CMI

Freedom Investment Management Inc. reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 4.4% in the second quarter, Holdings Channel reports. The fund owned 1,472 shares of the company’s stock after selling 67 shares during the quarter. Freedom Investment Management Inc.’s holdings in Cummins were worth $482,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of CMI. Raymond James Financial Inc. lifted its stake in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after buying an additional 424,294 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Cummins during the 1st quarter valued at approximately $109,120,000. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after buying an additional 319,277 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $421.79 on Friday. The firm’s fifty day moving average price is $412.77 and its 200-day moving average price is $357.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock has a market cap of $58.12 billion, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $5.26 EPS. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Activity

In other news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,119 shares of company stock worth $17,674,285. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on CMI. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial increased their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

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.