Cummins Inc. (NYSE:CMI) Shares Sold by Certified Advisory Corp

Certified Advisory Corp trimmed its position in Cummins Inc. (NYSE:CMI) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,809 shares of the company’s stock after selling 128 shares during the quarter. Certified Advisory Corp’s holdings in Cummins were worth $1,557,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter worth approximately $28,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the 3rd quarter worth approximately $32,000. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the 2nd quarter worth approximately $29,000. Finally, LRI Investments LLC acquired a new position in shares of Cummins in the 1st quarter worth approximately $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CMI. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Robert W. Baird upped their target price 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. Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. The Goldman Sachs Group upped their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Truist Financial upped their target price 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $337.67.

Cummins Trading Up 1.5 %

Shares of NYSE:CMI opened at $372.66 on Friday. Cummins Inc. has a 52 week low of $222.04 and a 52 week high of $373.35. The company’s 50 day moving average is $335.78 and its two-hundred day moving average is $304.41. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market cap of $51.12 billion, a PE ratio of 24.61, a P/E/G ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter 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 analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

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 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. Corporate 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.