Cummins Inc. (NYSE:CMI) Shares Sold by True Wealth Design LLC

True Wealth Design LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 97.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95 shares of the company’s stock after selling 3,076 shares during the quarter. True Wealth Design LLC’s holdings in Cummins were worth $31,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CMI. Chicago Capital LLC increased its position in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. raised its position in shares of Cummins by 3.6% during the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after buying an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC lifted its holdings in Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares during the last quarter. EP Wealth Advisors LLC grew its position in Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC increased its stake in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Citigroup increased their price target on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Truist Financial increased their target price 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. The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $337.67.

Cummins Trading Up 1.1 %

CMI opened at $375.04 on Monday. The business has a fifty day moving average price of $342.77 and a 200 day moving average price of $307.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 12 month low of $223.35 and a 12 month high of $379.66. The stock has a market capitalization of $51.45 billion, a price-to-earnings ratio of 24.77, a PEG ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the previous year, the firm earned $4.73 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

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 issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the business’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 sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

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.