Cornercap Investment Counsel Inc. Trims Stock Position in Cummins Inc. (NYSE:CMI)

Cornercap Investment Counsel Inc. lowered its position in Cummins Inc. (NYSE:CMI - Free Report) by 58.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,466 shares of the company's stock after selling 3,479 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Cummins were worth $798,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the second quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins during the second quarter worth $29,000. LRI Investments LLC purchased a new stake in shares of Cummins during the first quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins in the 3rd quarter valued at $34,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,576 shares of company stock worth $9,033,945. Corporate insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms 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 research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research report on Friday, October 11th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their price target on shares of Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have given 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.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $334.33.

Cummins Price Performance

Shares of NYSE CMI traded down $1.88 during trading on Friday, hitting $361.85. The company had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week 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 stock has a fifty day simple moving average of $328.91 and a two-hundred day simple moving average of $301.51. The firm has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the business earned $4.73 EPS. Cummins's quarterly revenue was up .3% on a year-over-year basis. On average, research analysts expect that Cummins Inc. will post 20.61 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 $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio is currently 48.08%.

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.