Cummins Inc. $CMI Shares Sold by Leeward Financial Partners LLC

Leeward Financial Partners LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 88.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 765 shares of the company’s stock after selling 5,998 shares during the quarter. Leeward Financial Partners LLC’s holdings in Cummins were worth $395,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. Wellington Management Group LLP lifted its stake in Cummins by 243.5% in the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after acquiring an additional 350,910 shares during the period. Fulcrum Wealth Advisors LLC increased its position in Cummins by 611.8% during the 3rd quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock valued at $8,401,000 after purchasing an additional 13,979 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after purchasing an additional 4,538 shares during the period. CWS Financial Advisors LLC raised its holdings in shares of Cummins by 973.2% in the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company’s stock valued at $2,445,000 after purchasing an additional 4,292 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Cummins in the 2nd quarter valued at about $1,408,353,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $517.64 on Monday. The firm has a market capitalization of $71.26 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business’s 50-day moving average is $545.26 and its two-hundred day moving average is $619.89. Cummins Inc. has a 1 year low of $413.98 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the company posted $6.43 earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is 44.97%.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. DA Davidson upped their price target on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Truist Financial reduced their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Finally, UBS Group lowered their target price on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $703.18.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.