Patton Albertson Miller Group LLC Sells 1,319 Shares of Cummins Inc. (NYSE:CMI)

Patton Albertson Miller Group LLC decreased its position in Cummins Inc. (NYSE:CMI) by 5.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 24,245 shares of the company’s stock after selling 1,319 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Cummins were worth $7,850,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Fisher Asset Management LLC grew its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares in the last quarter. Finally, Marshfield Associates raised its stake in shares of Cummins by 0.3% in the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after purchasing an additional 3,076 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.7 %

NYSE:CMI opened at $375.32 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a market cap of $51.49 billion, a PE ratio of 24.79, a PEG ratio of 1.81 and a beta of 0.97. Cummins Inc. has a 52-week low of $222.04 and a 52-week high of $377.64. The stock has a 50-day simple moving average of $337.27 and a 200 day simple moving average of $305.21.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $4.73 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. Cummins’s dividend payout ratio is 48.08%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMI. Citigroup upped their price target on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, Truist Financial raised 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $337.67.

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.