Cummins Inc. (NYSE:CMI) Shares Sold by Ashton Thomas Private Wealth LLC

Ashton Thomas Private Wealth LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 5.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,006 shares of the company’s stock after selling 55 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Cummins were worth $326,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMI shares. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Citigroup upped their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. 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 note on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $334.33.

Cummins Trading Down 0.7 %

NYSE CMI opened at $363.81 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $49.91 billion, a P/E ratio of 24.03, a P/E/G ratio of 1.75 and a beta of 0.97. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The firm has a 50-day moving average price of $326.20 and a 200 day moving average price of $300.60.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the business posted $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 20.44 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,413 shares of company stock worth $8,249,879 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

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.