Edgestream Partners L.P. Sells 1,426 Shares of Cummins Inc. (NYSE:CMI)

Edgestream Partners L.P. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 66.1% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 732 shares of the company’s stock after selling 1,426 shares during the quarter. Edgestream Partners L.P.’s holdings in Cummins were worth $237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Ironwood Investment Counsel LLC lifted its position in Cummins by 1.4% during the third quarter. Ironwood Investment Counsel LLC now owns 22,816 shares of the company’s stock valued at $7,388,000 after purchasing an additional 315 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Cummins by 4,161.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 81,818 shares of the company’s stock valued at $26,492,000 after buying an additional 79,898 shares during the period. Icon Wealth Advisors LLC boosted its stake in shares of Cummins by 7.2% in the 3rd quarter. Icon Wealth Advisors LLC now owns 1,424 shares of the company’s stock worth $461,000 after buying an additional 96 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Cummins by 6.4% in the third quarter. Rockefeller Capital Management L.P. now owns 57,242 shares of the company’s stock worth $18,532,000 after acquiring an additional 3,464 shares during the period. Finally, Vinva Investment Management Ltd increased its position in Cummins by 37.7% during the third quarter. Vinva Investment Management Ltd now owns 5,681 shares of the company’s stock valued at $1,854,000 after acquiring an additional 1,555 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’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 directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 in the last 90 days. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $379.35 on Friday. The stock has a 50-day moving average price of $347.40 and a 200 day moving average price of $309.68. The stock has a market capitalization of $52.04 billion, a P/E ratio of 25.06, a P/E/G ratio of 1.82 and a beta of 0.99. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $382.86. 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 (NYSE:CMI) last announced 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. 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 analyst estimates of $8.29 billion. During the same period last year, the firm posted $4.73 EPS. The company’s revenue was up .3% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Truist Financial increased their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Citigroup upped their price objective on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $345.15.

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.