Franklin Street Advisors Inc. NC Has $11.53 Million Stake in Cummins Inc. (NYSE:CMI)

Franklin Street Advisors Inc. NC lessened its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,068 shares of the company's stock after selling 1,661 shares during the quarter. Franklin Street Advisors Inc. NC's holdings in Cummins were worth $11,528,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Pathway Financial Advisers LLC lifted its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after buying an additional 2,523,854 shares during the period. International Assets Investment Management LLC lifted its position in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after buying an additional 972,247 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Cummins during the 2nd quarter worth approximately $68,018,000. Renaissance Technologies LLC bought a new position in shares of Cummins during the 2nd quarter worth approximately $46,607,000. Finally, Fisher Asset Management LLC lifted its position in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after buying an additional 165,398 shares during the period. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business's stock in a transaction dated 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 transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company's stock.

Cummins Trading Down 1.2 %

Shares of Cummins stock traded down $4.44 during trading on Friday, reaching $355.31. 688,523 shares of the company were exchanged, compared to its average volume of 572,387. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The business has a 50-day moving average price of $361.38 and a 200-day moving average price of $323.95. The firm has a market capitalization of $48.74 billion, a price-to-earnings ratio of 23.47, a P/E/G ratio of 1.80 and a beta of 1.01.

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, topping 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 business had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. During the same period in the previous year, the firm earned $4.73 earnings per share. The firm's quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders 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 yield of 2.05%. Cummins's payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research analyst reports. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Truist Financial lifted their price objective on Cummins from $369.00 to $424.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $363.50.

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.