Cummins Inc. (NYSE:CMI) Shares Sold by Coastline Trust Co

Coastline Trust Co cut its holdings in Cummins Inc. (NYSE:CMI) by 26.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,558 shares of the company’s stock after selling 560 shares during the period. Coastline Trust Co’s holdings in Cummins were worth $504,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in Cummins by 8.2% during 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 last quarter. Pathway Financial Advisers LLC increased its holdings in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares during the period. Legal & General Group Plc boosted its holdings in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares during the last quarter. Finally, Marshfield Associates increased its stake in Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after acquiring an additional 3,076 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the 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 owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were 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 owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,576 shares of company stock valued at $9,033,945. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CMI shares. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Finally, Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $334.33.

Cummins Trading Down 0.5 %

CMI opened at $361.85 on Friday. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21. 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 stock has a market capitalization of $49.64 billion, a PE ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. The firm’s fifty day moving average price is $328.91 and its 200 day moving average price is $301.64.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.73 EPS. As a group, research analysts expect that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. Cummins’s dividend payout ratio (DPR) is 48.08%.

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.