Cummins Inc. (NYSE:CMI) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 15.3% in the third quarter, Holdings Channel reports. The institutional investor owned 17,027 shares of the company’s stock after selling 3,069 shares during the quarter. Moran Wealth Management LLC’s holdings in Cummins were worth $5,513,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Pathway Financial Advisers LLC boosted its holdings in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC boosted its holdings in Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. Jupiter Asset Management Ltd. acquired a new position in Cummins in the second quarter worth $68,018,000. Finally, SG Americas Securities LLC boosted its holdings in Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $360.95 on Thursday. The business’s 50-day moving average price is $332.94 and its 200 day moving average price is $303.34. The firm has a market cap of $49.52 billion, a P/E ratio of 23.84, a PEG ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.73 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. Cummins’s dividend payout ratio is currently 48.08%.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CMI shares. Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Citigroup raised their target price on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Two equities research 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.com, Cummins has a consensus rating of “Hold” and a consensus price target of $337.67.

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.