Cummins Inc. (NYSE:CMI) Shares Sold by Plimoth Trust Co. LLC

Plimoth Trust Co. LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 2.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,393 shares of the company’s stock after selling 33 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Cummins were worth $451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC lifted its position in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its holdings in shares of Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after buying an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Cummins during the second quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after buying an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP increased its position in Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after acquiring an additional 12,087 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI traded down $1.88 during mid-day trading on Monday, reaching $333.63. The company had a trading volume of 465,424 shares, compared to its average volume of 1,559,642. The company has a 50-day moving average price of $312.64 and a two-hundred day moving average price of $294.84. The stock has a market cap of $45.63 billion, a PE ratio of 24.56, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82.

Cummins (NYSE:CMI) last posted 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 for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the previous year, the company earned $5.18 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed 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. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the 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 sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 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 disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Robert W. Baird increased their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Citigroup boosted their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Truist Financial raised their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Two 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 stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $311.55.

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.