Cummins Inc. (NYSE:CMI) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 400,912 shares of the company’s stock after selling 26,936 shares during the period. Parnassus Investments LLC’s holdings in Cummins were worth $129,811,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Chicago Capital LLC raised its holdings in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. boosted its position in shares of Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after buying an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC grew its stake in Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after acquiring an additional 35 shares in the last quarter. Finally, Fidelis Capital Partners LLC raised its position in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 2,001 shares of Cummins 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 sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Citigroup boosted their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note 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 report on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $334.33.

Cummins Price Performance

CMI opened at $364.08 on Tuesday. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21. The firm has a market cap of $49.94 billion, a price-to-earnings ratio of 24.05, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The company’s 50-day moving average price is $330.26 and its 200 day moving average price is $302.36. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned $4.73 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 20.57 earnings per share 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 given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

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.