First City Capital Management Inc. Has $505,000 Holdings in Cummins Inc. (NYSE:CMI)

First City Capital Management Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 18.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,560 shares of the company’s stock after selling 356 shares during the quarter. First City Capital Management Inc.’s holdings in Cummins were worth $505,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CMI. Edgestream Partners L.P. acquired a new stake in Cummins in the first quarter worth $949,000. O Shaughnessy Asset Management LLC grew its holdings in Cummins by 17.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 31,769 shares of the company’s stock worth $9,361,000 after purchasing an additional 4,748 shares during the period. Clearbridge Investments LLC acquired a new stake in Cummins in the first quarter worth $236,000. Lake Street Advisors Group LLC grew its holdings in Cummins by 17.4% in the first quarter. Lake Street Advisors Group LLC now owns 1,306 shares of the company’s stock worth $385,000 after purchasing an additional 194 shares during the period. Finally, Pitcairn Co. grew its holdings in shares of Cummins by 12.5% during the first quarter. Pitcairn Co. now owns 4,402 shares of the company’s stock valued at $1,297,000 after buying an additional 490 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE CMI opened at $364.08 on Tuesday. The company’s 50 day moving average is $330.26 and its 200-day moving average is $302.36. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $49.94 billion, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly 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 company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 earnings per share. The company’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Announces Dividend

The company 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 of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.00%. Cummins’s dividend payout ratio is currently 48.08%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,576 shares of company stock valued at $9,033,945. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial lifted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Citigroup raised their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $334.33.

Cummins 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.