Cummins Inc. (NYSE:CMI) Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,044 shares of the company’s stock after selling 659 shares during the period. Patton Fund Management Inc.’s holdings in Cummins were worth $3,900,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the second quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the 2nd quarter valued at approximately $29,000. LRI Investments LLC purchased a new stake in Cummins in the 1st quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Cummins in the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CMI. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Robert W. Baird lifted their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Finally, Citigroup boosted their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $311.55.

Cummins Price Performance

Shares of Cummins stock traded down $1.01 during trading on Thursday, hitting $332.86. 84,734 shares of the company were exchanged, compared to its average volume of 1,563,273. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $339.78. The stock has a market capitalization of $45.53 billion, a price-to-earnings ratio of 24.44, a P/E/G ratio of 1.92 and a beta of 0.98. The firm has a 50 day moving average price of $311.09 and a 200 day moving average price of $294.29.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the firm posted $5.18 EPS. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio is currently 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, 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 value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cummins news, 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 value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction 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 owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by 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.