Forum Financial Management LP Sells 36 Shares of Cummins Inc. (NYSE:CMI)

Forum Financial Management LP reduced its holdings in Cummins Inc. (NYSE:CMI) by 3.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,161 shares of the company’s stock after selling 36 shares during the quarter. Forum Financial Management LP’s holdings in Cummins were worth $376,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CMI. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Cummins by 13.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 350,121 shares of the company’s stock worth $113,366,000 after purchasing an additional 41,494 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cummins by 11.0% in the 3rd quarter. Van ECK Associates Corp now owns 25,158 shares of the company’s stock worth $8,301,000 after purchasing an additional 2,494 shares in the last quarter. Whitener Capital Management Inc. boosted its holdings in shares of Cummins by 6.2% in the 3rd quarter. Whitener Capital Management Inc. now owns 4,919 shares of the company’s stock worth $1,593,000 after purchasing an additional 288 shares in the last quarter. Optas LLC purchased a new position in shares of Cummins in the 3rd quarter worth about $216,000. Finally, First Interstate Bank purchased a new position in shares of Cummins in the 3rd quarter worth about $389,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Evercore ISI increased their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Citigroup increased their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $311.55.

Cummins Stock Down 0.9 %

Shares of NYSE:CMI opened at $325.62 on Tuesday. Cummins Inc. has a 52-week low of $214.57 and a 52-week high of $340.82. The firm has a market capitalization of $44.63 billion, a P/E ratio of 23.48, a P/E/G ratio of 1.88 and a beta of 0.97. The stock has a 50 day moving average price of $319.24 and a 200-day moving average price of $297.39. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 52.49%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred 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 owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade 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.

Cummins 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.