Oppenheimer Asset Management Inc. Sells 70 Shares of Cummins Inc. (NYSE:CMI)

Oppenheimer Asset Management Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,886 shares of the company’s stock after selling 70 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cummins were worth $934,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Haverford Trust Co lifted its holdings in shares of Cummins by 6.2% during the 3rd quarter. Haverford Trust Co now owns 1,740 shares of the company’s stock worth $563,000 after acquiring an additional 102 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Cummins by 25.4% during the 3rd quarter. Victory Capital Management Inc. now owns 217,689 shares of the company’s stock worth $70,486,000 after acquiring an additional 44,027 shares during the last quarter. Delta Financial Advisors LLC lifted its holdings in shares of Cummins by 8.9% during the 3rd quarter. Delta Financial Advisors LLC now owns 6,425 shares of the company’s stock worth $2,080,000 after acquiring an additional 526 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Cummins during the 3rd quarter worth $55,000. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Cummins by 18.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 40,482 shares of the company’s stock worth $13,108,000 after acquiring an additional 6,371 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Trading Up 0.6 %

Shares of CMI opened at $364.08 on Tuesday. The firm’s 50-day moving average price is $330.26 and its 200-day moving average price is $302.36. The firm has a market capitalization of $49.94 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 1.77 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping 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 business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 earnings per share. Cummins’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors 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 2.00%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Insider Buying and Selling

In other news, 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock valued at $9,033,945 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CMI shares. Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Truist Financial boosted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $334.33.

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.