Cummins Inc. (NYSE:CMI) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 74.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 233,544 shares of the company's stock after buying an additional 99,464 shares during the quarter. Franklin Resources Inc. owned approximately 0.17% of Cummins worth $79,017,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. PFG Investments LLC increased its position in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after buying an additional 485 shares in the last quarter. CWM LLC increased its position in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock worth $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC lifted its holdings in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock valued at $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Alpha DNA Investment Management LLC acquired a new stake in shares of Cummins during the 3rd quarter worth about $748,000. Finally, Dupree Financial Group LLC purchased a new stake in shares of Cummins during the third quarter worth about $3,925,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company'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 sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CMI. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Finally, Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. 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. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $352.85.

Cummins Stock Down 1.6 %

CMI traded down $5.74 on Tuesday, reaching $361.23. The company's stock had a trading volume of 623,233 shares, compared to its average volume of 1,406,380. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The business's 50 day moving average is $353.89 and its 200 day moving average is $314.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a market cap of $49.55 billion, a price-to-earnings ratio of 24.24, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business's revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $4.73 EPS. As a group, research analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. Cummins's dividend payout ratio (DPR) is presently 48.08%.

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.