Sky Investment Group LLC Reduces Holdings in Cummins Inc. (NYSE:CMI)

Sky Investment Group LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 5.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,113 shares of the company’s stock after selling 60 shares during the period. Sky Investment Group LLC’s holdings in Cummins were worth $360,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the second quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the second quarter worth about $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the first quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Cummins during the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CMI. Truist Financial boosted 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. Citigroup upped their target price on 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 raised their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Finally, Barclays raised their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $311.55.

Insider Buying and Selling at Cummins

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

Cummins Stock Down 1.3 %

Shares of Cummins stock traded down $4.42 during trading hours on Tuesday, hitting $329.21. 90,853 shares of the company’s stock traded hands, compared to its average volume of 1,552,397. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The company has a market cap of $45.03 billion, a PE ratio of 24.43, a PEG ratio of 1.92 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $313.50 and a 200-day simple moving average of $295.11.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.21%. Cummins’s dividend payout ratio is presently 53.29%.

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.