Cummins Inc. (NYSE:CMI) Shares Sold by Northwest Bancshares Inc.

Northwest Bancshares Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 16.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 19,557 shares of the company’s stock after selling 3,830 shares during the period. Cummins makes up approximately 1.1% of Northwest Bancshares Inc.’s holdings, making the stock its 21st biggest holding. Northwest Bancshares Inc.’s holdings in Cummins were worth $6,332,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. PFG Investments LLC increased its holdings in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the last quarter. CWM LLC increased its holdings in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC increased its holdings in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Cummins during the 2nd quarter worth $16,329,000. Finally, Cetera Advisors LLC increased its holdings in shares of Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CMI. Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $334.33.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock valued at $9,033,945 over the last three months. Company insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $361.73 on Wednesday. The company has a market capitalization of $49.62 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company’s fifty day moving average price is $331.59 and its 200 day moving average price is $302.93.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.73 EPS. As a group, analysts expect that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors 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 2.01%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Cummins Company 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.