Cummins Inc. (NYSE:CMI) Stake Lowered by Martingale Asset Management L P

Martingale Asset Management L P cut its stake in shares of Cummins Inc. (NYSE:CMI) by 28.3% in the 3rd quarter, Holdings Channel reports. The firm owned 4,093 shares of the company’s stock after selling 1,612 shares during the quarter. Martingale Asset Management L P’s holdings in Cummins were worth $1,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Chicago Capital LLC grew its holdings 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 last quarter. Equitable Trust Co. grew its holdings in shares of Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares during the last quarter. Atlantic Edge Private Wealth Management LLC grew its holdings 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 purchasing an additional 35 shares during the last quarter. EP Wealth Advisors LLC grew its holdings 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 valued at $520,000 after purchasing an additional 35 shares during the last quarter. Finally, Fidelis Capital Partners LLC grew its holdings 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 valued at $340,000 after purchasing an additional 38 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 in the last three months. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of NYSE:CMI opened at $375.04 on Monday. Cummins Inc. has a one year low of $223.35 and a one year high of $379.66. The stock has a fifty day moving average of $342.77 and a 200-day moving average of $307.44. The company has a market capitalization of $51.45 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business earned $4.73 EPS. The company’s revenue was up .3% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CMI shares. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup boosted their price objective on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and an average target price 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.