Apollon Wealth Management LLC Lowers Holdings in Cummins Inc. (NYSE:CMI)

Apollon Wealth Management LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 2.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,860 shares of the company’s stock after selling 252 shares during the period. Apollon Wealth Management LLC’s holdings in Cummins were worth $3,516,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the 2nd quarter worth about $28,000. Cultivar Capital Inc. bought a new stake in Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Cummins in the 3rd quarter worth $34,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 0.9 %

Shares of Cummins stock opened at $355.07 on Wednesday. Cummins Inc. has a twelve month low of $216.91 and a twelve month high of $370.21. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $323.90 and a 200-day moving average price of $299.69. The firm has a market cap of $48.71 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the firm earned $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 20.32 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analyst Ratings Changes

A number of analysts recently commented on CMI shares. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Truist Financial increased their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Barclays increased their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $324.83.

Insider Activity

In related news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. This trade represents a 0.00 % decrease in their position. 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 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,193 shares of company stock valued at $9,685,552. 0.56% of the stock is currently 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.