Moran Wealth Management LLC Decreases Position in Cummins Inc. (NYSE:CMI)

Moran Wealth Management LLC lowered its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 15.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,027 shares of the company's stock after selling 3,069 shares during the period. Moran Wealth Management LLC's holdings in Cummins were worth $5,513,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins during the second quarter valued at $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC purchased a new position in shares of Cummins during the first quarter valued at $31,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins during the third quarter valued at $32,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CMI. Truist Financial lifted 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. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research report on Friday, October 11th. Citigroup boosted their price target on Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird boosted their price target on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $337.67.

Cummins Stock Performance

Cummins stock traded up $7.08 during midday trading on Thursday, reaching $368.03. 121,048 shares of the company's stock were exchanged, compared to its average volume of 1,461,550. 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 $50.49 billion, a price-to-earnings ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. The stock's 50-day simple moving average is $332.94 and its 200 day simple moving average is $303.34. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate 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 net margin of 6.13% and a return on equity of 26.86%. The company's revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $4.73 earnings per share. On average, analysts expect that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins's dividend payout ratio (DPR) is currently 48.08%.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction on Monday, November 11th. The stock was 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 owns 20,803 shares in the company, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their position. The disclosure for this sale can be found here. Over 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 insiders.

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.