Cummins Inc. (NYSE:CMI) Shares Sold by LMR Partners LLP

LMR Partners LLP cut its position in Cummins Inc. (NYSE:CMI) by 71.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,027 shares of the company’s stock after selling 2,607 shares during the period. LMR Partners LLP’s holdings in Cummins were worth $333,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the second quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the 2nd quarter worth about $29,000. LRI Investments LLC purchased a new stake in shares of Cummins during the 1st quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the 3rd quarter valued at about $34,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,456,419.29. The trade was a 8.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,576 shares of company stock valued at $9,033,945 in the last three months. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. Citigroup upped their target price on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Truist Financial upped their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $337.67.

Cummins Price Performance

Shares of NYSE:CMI opened at $360.95 on Thursday. 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 Inc. has a one year low of $220.02 and a one year high of $370.21. The company has a 50-day simple moving average of $332.94 and a 200-day simple moving average of $303.34. The stock has a market capitalization of $49.52 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm posted $4.73 EPS. On average, analysts predict that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Cummins Company 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.