Forum Financial Management LP Trims Holdings in Cummins Inc. (NYSE:CMI)

Forum Financial Management LP trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the 3rd quarter, Holdings Channel reports. The firm owned 1,161 shares of the company’s stock after selling 36 shares during the quarter. Forum Financial Management LP’s holdings in Cummins were worth $376,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Chicago Capital LLC lifted its position in shares of Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after purchasing an additional 30 shares during the last quarter. Atlantic Edge Private Wealth Management LLC lifted its position 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 worth $1,488,000 after purchasing an additional 35 shares during the last quarter. EP Wealth Advisors LLC lifted its position in shares of Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the last quarter. Fidelis Capital Partners LLC lifted its position in shares of Cummins by 3.4% during 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 during the last quarter. Finally, Bangor Savings Bank lifted its position in shares of Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on CMI shares. Citigroup lifted their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Finally, Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $311.55.

Cummins Price Performance

Shares of CMI stock opened at $325.62 on Tuesday. Cummins Inc. has a fifty-two week low of $214.57 and a fifty-two week high of $340.82. The firm has a market capitalization of $44.63 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.88 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock’s 50-day simple moving average is $319.24 and its 200-day simple moving average is $297.39.

Cummins Dividend Announcement

The company 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 $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins’s dividend payout ratio is currently 52.49%.

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.