Harfst & Associates Inc. Sells 463 Shares of Cummins Inc. (NYSE:CMI)

Harfst & Associates Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,990 shares of the company’s stock after selling 463 shares during the period. Harfst & Associates Inc.’s holdings in Cummins were worth $2,587,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. Quadrature Capital Ltd grew its position in shares of Cummins by 6.9% in the 4th quarter. Quadrature Capital Ltd now owns 2,533 shares of the company’s stock worth $607,000 after buying an additional 163 shares during the last quarter. Wedmont Private Capital increased its position in shares of Cummins by 12.2% during the first quarter. Wedmont Private Capital now owns 1,134 shares of the company’s stock worth $342,000 after purchasing an additional 123 shares in the last quarter. Gulf International Bank UK Ltd lifted its holdings in shares of Cummins by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 12,150 shares of the company’s stock valued at $3,579,000 after purchasing an additional 68 shares during the last quarter. MJP Associates Inc. ADV acquired a new stake in shares of Cummins in the 1st quarter worth $202,000. Finally, &PARTNERS purchased a new position in Cummins during the 1st quarter worth $258,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock traded up $2.52 during midday trading on Friday, hitting $335.51. 1,534,690 shares of the stock traded hands, compared to its average volume of 1,565,059. The stock’s fifty day simple moving average is $312.64 and its 200-day simple moving average is $294.85. The firm has a market cap of $45.89 billion, a P/E ratio of 24.55, a PEG ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

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

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.17%. Cummins’s dividend payout ratio is currently 53.29%.

Analysts Set New Price Targets

Several brokerages have weighed in on CMI. JPMorgan Chase & Co. raised their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Robert W. Baird upped 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. Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial upped their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $311.55.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents 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 Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

About Cummins

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.