Dearborn Partners LLC Sells 150 Shares of Cummins Inc. (NYSE:CMI)

Dearborn Partners LLC lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.8% in the third quarter, Holdings Channel.com reports. The fund owned 1,387 shares of the company’s stock after selling 150 shares during the quarter. Dearborn Partners LLC’s holdings in Cummins were worth $449,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CMI. Chicago Capital LLC boosted its stake in shares of Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the period. Equitable Trust Co. grew its stake in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after acquiring an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after purchasing an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC grew its stake in Cummins by 3.4% in the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

CMI has been the topic of a number of recent research reports. Citigroup increased 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. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research note on Wednesday. Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $334.33.

Cummins Price Performance

Shares of CMI opened at $361.85 on Friday. The firm has a market capitalization of $49.64 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company’s fifty day moving average price is $327.55 and its 200-day moving average price is $301.04. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the business posted $4.73 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. Cummins’s dividend payout ratio is presently 48.08%.

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.