Resources Management Corp CT ADV Has $990,000 Stake in Cummins Inc. (NYSE:CMI)

Resources Management Corp CT ADV trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 7.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,057 shares of the company’s stock after selling 231 shares during the quarter. Resources Management Corp CT ADV’s holdings in Cummins were worth $990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Prospera Private Wealth LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the 3rd quarter valued at about $34,000. Finally, Gradient Investments LLC lifted its holdings in shares of Cummins by 290.0% during the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock valued at $43,000 after buying an additional 116 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CMI shares. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Robert W. Baird boosted their target price on 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 boosted their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $352.85.

Cummins Stock Performance

CMI opened at $383.61 on Tuesday. The stock has a market cap of $52.62 billion, a PE ratio of 25.34, a P/E/G ratio of 1.84 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The stock’s 50 day simple moving average is $349.67 and its 200-day simple moving average is $311.38.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $4.73 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio is presently 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.