Crescent Sterling Ltd. Has $999,000 Position in Cummins Inc. (NYSE:CMI)

Crescent Sterling Ltd. lowered its stake in Cummins Inc. (NYSE:CMI) by 1.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,084 shares of the company’s stock after selling 47 shares during the period. Crescent Sterling Ltd.’s holdings in Cummins were worth $999,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of Cummins during the 2nd quarter valued at $68,018,000. SG Americas Securities LLC raised its position in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after acquiring an additional 179,346 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Cummins during the 2nd quarter valued at $46,607,000. Finally, AXA S.A. raised its position in shares of Cummins by 247.5% during the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $332.68 on Wednesday. The firm has a market cap of $45.50 billion, a PE ratio of 24.35, a PEG 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 $339.78. The company has a fifty day moving average price of $310.26 and a 200 day moving average price of $294.01.

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

Cummins Dividend Announcement

The firm also recently disclosed 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. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. Cummins’s dividend payout ratio is 53.29%.

Analyst Ratings Changes

Several analysts have commented on the stock. Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup boosted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Truist Financial boosted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays boosted their price target 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $311.55.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

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.