Edgestream Partners L.P. Reduces Holdings in Cummins Inc. (NYSE:CMI)

Edgestream Partners L.P. reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 66.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 732 shares of the company's stock after selling 1,426 shares during the quarter. Edgestream Partners L.P.'s holdings in Cummins were worth $237,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CMI. Chicago Capital LLC grew its position in shares of Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company's stock worth $1,065,000 after buying an additional 30 shares during the last quarter. Equitable Trust Co. lifted its stake in Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company's stock worth $298,000 after acquiring an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its holdings in Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company's stock valued at $1,488,000 after acquiring an additional 35 shares in the last quarter. EP Wealth Advisors LLC increased its position in Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company's stock valued at $520,000 after purchasing an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC raised its holdings in Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company's stock worth $340,000 after purchasing an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,540,879.47. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 over the last ninety days. Insiders own 0.56% of the company's stock.

Cummins Stock Up 0.3 %

CMI stock traded up $1.03 during trading on Friday, hitting $379.60. 752,410 shares of the stock traded hands, compared to its average volume of 519,641. The stock has a market cap of $52.07 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. 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 Inc. has a 1 year low of $226.52 and a 1 year high of $382.86. The firm's 50 day moving average is $348.47 and its two-hundred day moving average is $310.51.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm earned $4.73 earnings per share. The firm's quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins's dividend payout ratio is currently 48.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research note on Friday, October 11th. Citigroup lifted their price objective on Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. Truist Financial increased their target price on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research report on Wednesday, October 9th. The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cummins currently has an average rating of "Hold" and a consensus price target of $345.15.

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.