Pitcairn Co. Has $1.36 Million Position in Cummins Inc. (NYSE:CMI)

Pitcairn Co. reduced its holdings in Cummins Inc. (NYSE:CMI) by 10.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,201 shares of the company’s stock after selling 474 shares during the period. Pitcairn Co.’s holdings in Cummins were worth $1,360,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Shell Asset Management Co. bought a new position in shares of Cummins in the 1st quarter valued at about $406,000. CreativeOne Wealth LLC bought a new position in shares of Cummins in the 1st quarter valued at about $318,000. Canada Pension Plan Investment Board grew its position in shares of Cummins by 51.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 100,547 shares of the company’s stock valued at $29,626,000 after acquiring an additional 34,347 shares during the period. LRI Investments LLC bought a new position in shares of Cummins in the 1st quarter valued at about $35,000. Finally, Ascent Group LLC bought a new position in shares of Cummins in the 1st quarter valued at about $353,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last three months. 0.56% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of Cummins stock opened at $372.62 on Friday. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $373.35. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a 50-day simple moving average of $335.78 and a two-hundred day simple moving average of $304.53. The stock has a market capitalization of $51.12 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate 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 net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.73 EPS. Analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is 48.08%.

Analyst Ratings Changes

A number of research analysts have recently commented on CMI shares. Citigroup lifted their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday. 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 report on Monday, August 5th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Truist Financial lifted 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, 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 report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $337.67.

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.