Cummins Inc. $CMI Shares Sold by M&G PLC

M&G PLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 31.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 4,387 shares of the company’s stock after selling 1,982 shares during the period. M&G PLC’s holdings in Cummins were worth $1,439,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC purchased a new position in shares of Cummins during the first quarter worth $31,000. Richardson Financial Services Inc. acquired a new position in Cummins during the 1st quarter worth about $39,000. Costello Asset Management INC acquired a new position in Cummins during the 1st quarter worth about $40,000. Wealth Preservation Advisors LLC purchased a new position in Cummins during the 1st quarter valued at about $41,000. Finally, CNB Bank acquired a new position in Cummins in the 2nd quarter valued at about $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 38,127 shares of company stock worth $16,993,030. Insiders own 0.41% of the company’s stock.

Cummins Trading Down 2.4%

NYSE CMI opened at $467.79 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.84. The firm has a 50 day moving average of $427.20 and a two-hundred day moving average of $373.79. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $64.45 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $5.86 EPS. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm 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. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research report on Wednesday, November 5th. Barclays upped their target price on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Truist Financial raised their price target on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $445.93.

Cummins 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.