Cummins Inc. (NYSE:CMI) Shares Sold by Bleakley Financial Group LLC

Bleakley Financial Group LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,518 shares of the company’s stock after selling 188 shares during the period. Bleakley Financial Group LLC’s holdings in Cummins were worth $2,434,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Cummins during the second quarter worth $68,018,000. SG Americas Securities LLC grew its position in Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after buying an additional 179,346 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Cummins during the 2nd quarter worth $46,607,000. Finally, AXA S.A. lifted its stake in shares of Cummins by 247.5% in the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after acquiring an additional 163,129 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated 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 directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, 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 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Stock Up 0.7 %

Shares of NYSE CMI opened at $335.41 on Friday. The firm’s 50-day moving average is $312.64 and its two-hundred day moving average is $294.85. The company has a market capitalization of $45.88 billion, a PE ratio of 24.55, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $340.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.18 EPS. Equities analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed 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. This represents a $7.28 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is presently 53.29%.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price of $311.55.

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.