Sanctuary Advisors LLC Sells 1,517 Shares of Cummins Inc. (NYSE:CMI)

Sanctuary Advisors LLC cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,515 shares of the company's stock after selling 1,517 shares during the quarter. Sanctuary Advisors LLC's holdings in Cummins were worth $11,176,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter valued at $28,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the third quarter worth $34,000. Finally, Gradient Investments LLC increased its holdings in Cummins by 290.0% in the second quarter. Gradient Investments LLC now owns 156 shares of the company's stock valued at $43,000 after purchasing an additional 116 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on CMI shares. Vertical Research downgraded 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. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and upped their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. Finally, Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and upped their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $352.85.

Cummins Stock Down 0.8 %

Shares of CMI traded down $3.06 during trading hours on Friday, hitting $367.51. The stock had a trading volume of 675,030 shares, compared to its average volume of 1,412,656. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The firm has a market capitalization of $50.42 billion, a P/E ratio of 24.27, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. The firm has a 50 day simple moving average of $353.19 and a 200-day simple moving average of $313.42. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

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 analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. During the same quarter last year, the firm posted $4.73 earnings per share. The company's revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Friday, November 22nd. Cummins's dividend payout ratio is currently 48.08%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last quarter. Insiders own 0.56% of the company's stock.

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.