Cummins Inc. (NYSE:CMI) Shares Sold by Franklin Street Advisors Inc. NC

Franklin Street Advisors Inc. NC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 34,729 shares of the company’s stock after selling 393 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Cummins were worth $11,245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares in the last quarter. Fidelis Capital Partners LLC boosted its stake in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares in the last quarter. Greenleaf Trust boosted its stake in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after acquiring an additional 40 shares in the last quarter. Finally, Bangor Savings Bank boosted its stake in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.6 %

Shares of CMI stock traded up $2.06 during trading on Friday, hitting $334.91. 9,406 shares of the stock traded hands, compared to its average volume of 1,583,879. The firm has a market capitalization of $45.90 billion, a P/E ratio of 24.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm’s fifty day moving average price is $307.42 and its 200-day moving average price is $293.10. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $335.26.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.18 EPS. As a group, research analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CMI. Citigroup increased their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $311.55.

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.