LMR Partners LLP Has $333,000 Position in Cummins Inc. (NYSE:CMI)

LMR Partners LLP reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 71.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,027 shares of the company's stock after selling 2,607 shares during the period. LMR Partners LLP's holdings in Cummins were worth $333,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMI. Pathway Financial Advisers LLC grew its position in 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 in the last quarter. International Assets Investment Management LLC lifted its position in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after acquiring an additional 972,247 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock worth $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of Cummins during the second quarter valued at approximately $68,018,000. Finally, SG Americas Securities LLC raised its stake in shares of Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company's stock valued at $54,574,000 after purchasing an additional 179,346 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company's stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 2,001 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Cummins stock opened at $360.95 on Thursday. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The firm has a market cap of $49.52 billion, a P/E ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. 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 business's fifty day moving average is $332.94 and its two-hundred day moving average is $303.34.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping 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 firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the firm earned $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 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's dividend payout ratio is 48.08%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and lifted their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Finally, Vertical Research lowered Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of "Hold" and an average price target of $337.67.

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.