Hartford Investment Management Co. Sells 133 Shares of Cummins Inc. (NYSE:CMI)

Hartford Investment Management Co. trimmed its position in Cummins Inc. (NYSE:CMI) by 1.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,621 shares of the company’s stock after selling 133 shares during the quarter. Hartford Investment Management Co.’s holdings in Cummins were worth $2,791,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the second quarter valued at about $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the 2nd quarter worth about $28,000. Lynx Investment Advisory acquired a new stake in Cummins in the 2nd quarter valued at approximately $29,000. LRI Investments LLC bought a new position in Cummins in the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins during the third quarter worth approximately $34,000. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective 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. Robert W. Baird boosted their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Truist Financial upped their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $311.55.

Cummins Price Performance

Shares of CMI stock opened at $330.12 on Thursday. The stock’s fifty day simple moving average is $315.05 and its 200 day simple moving average is $295.57. Cummins Inc. has a one year low of $212.80 and a one year high of $340.82. The firm has a market cap of $45.15 billion, a price-to-earnings ratio of 24.17, a P/E/G ratio of 1.92 and a beta of 0.98. 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 issued its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.18 EPS. On average, analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

Insider Transactions at Cummins

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

About Cummins

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.