Cummins Inc. (NYSE:CMI) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA decreased its stake in Cummins Inc. (NYSE:CMI) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,871 shares of the company’s stock after selling 275 shares during the quarter. Glenmede Trust Co. NA’s holdings in Cummins were worth $7,082,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Freedom Investment Management Inc. raised its holdings in shares of Cummins by 405.2% during the third quarter. Freedom Investment Management Inc. now owns 3,663 shares of the company’s stock valued at $1,186,000 after acquiring an additional 2,938 shares during the last quarter. Townsquare Capital LLC raised its stake in Cummins by 7.3% in the 3rd quarter. Townsquare Capital LLC now owns 3,287 shares of the company’s stock valued at $1,064,000 after purchasing an additional 223 shares during the last quarter. Avestar Capital LLC lifted its holdings in Cummins by 5.9% in the 3rd quarter. Avestar Capital LLC now owns 956 shares of the company’s stock valued at $310,000 after purchasing an additional 53 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Cummins during the third quarter worth $193,000. Finally, FMR LLC raised its position in shares of Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after buying an additional 9,245 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on CMI shares. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Robert W. Baird increased their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Truist Financial lifted 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. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Barclays boosted their price target 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. Two 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $337.67.

Cummins Stock Performance

Shares of CMI stock opened at $375.25 on Friday. Cummins Inc. has a one year low of $223.35 and a one year high of $379.66. The firm’s 50 day moving average price is $342.77 and its 200-day moving average price is $307.25. The firm has a market cap of $51.48 billion, a P/E ratio of 24.79, a P/E/G ratio of 1.80 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 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 EPS. As a group, equities research analysts predict that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.94%. Cummins’s dividend payout ratio is presently 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.