Thrivent Financial for Lutherans Cuts Holdings in Cummins Inc. (NYSE:CMI)

Thrivent Financial for Lutherans reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,022 shares of the company's stock after selling 3,124 shares during the period. Thrivent Financial for Lutherans' holdings in Cummins were worth $13,930,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Claro Advisors LLC bought a new position in Cummins during the 3rd quarter worth $308,000. Alpha Family Trust bought a new position in Cummins in the third quarter valued at approximately $214,000. River Street Advisors LLC raised its position in Cummins by 3.9% during the third quarter. River Street Advisors LLC now owns 6,080 shares of the company's stock valued at $1,969,000 after purchasing an additional 229 shares in the last quarter. Natixis Advisors LLC lifted its stake in Cummins by 2.2% during the third quarter. Natixis Advisors LLC now owns 98,665 shares of the company's stock worth $31,946,000 after purchasing an additional 2,092 shares during the last quarter. Finally, Mizuho Securities USA LLC boosted its holdings in shares of Cummins by 673.6% in the 3rd quarter. Mizuho Securities USA LLC now owns 81,573 shares of the company's stock valued at $26,413,000 after purchasing an additional 71,028 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial raised their price objective on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. Robert W. Baird upped their price objective on shares of 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. raised 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. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and upped their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, StockNews.com raised Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $337.67.

Cummins Trading Up 1.3 %

Cummins stock traded up $4.60 during mid-day trading on Thursday, hitting $365.55. 41,841 shares of the stock were exchanged, compared to its average volume of 1,461,200. The stock has a market capitalization of $50.15 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month 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 firm's fifty day simple moving average is $332.94 and its two-hundred day simple moving average is $303.34.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results 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 net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. During the same quarter in the prior year, the firm posted $4.73 earnings per share. The business's quarterly revenue was up .3% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.99%. Cummins's payout ratio is currently 48.08%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is currently owned by company insiders.

Cummins Company 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.