Geode Capital Management LLC Sells 63,160 Shares of Cummins Inc. (NYSE:CMI)

Geode Capital Management LLC trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,293,471 shares of the company's stock after selling 63,160 shares during the quarter. Geode Capital Management LLC owned approximately 2.40% of Cummins worth $1,062,886,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Sequoia Financial Advisors LLC grew its holdings in Cummins by 11.3% during the second quarter. Sequoia Financial Advisors LLC now owns 2,970 shares of the company's stock valued at $823,000 after purchasing an additional 302 shares during the period. Wedmont Private Capital increased its holdings in Cummins by 8.3% in the 2nd quarter. Wedmont Private Capital now owns 1,228 shares of the company's stock worth $350,000 after acquiring an additional 94 shares during the last quarter. M&G Plc bought a new stake in Cummins in the 2nd quarter valued at about $2,180,000. Great Valley Advisor Group Inc. lifted its holdings in Cummins by 2.0% during the second quarter. Great Valley Advisor Group Inc. now owns 2,752 shares of the company's stock valued at $763,000 after purchasing an additional 55 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in Cummins by 2.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,863 shares of the company's stock worth $1,624,000 after purchasing an additional 140 shares during the period. 83.46% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company's stock.

Cummins Trading Down 2.0 %

NYSE CMI traded down $7.58 during trading on Wednesday, hitting $370.14. 1,329,645 shares of the company's stock traded hands, compared to its average volume of 1,419,404. The firm has a market cap of $50.78 billion, a P/E ratio of 24.45, a PEG ratio of 1.84 and a beta of 0.99. The stock has a fifty day moving average of $350.70 and a two-hundred day moving average of $312.03. 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 12-month low of $226.52 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company earned $4.73 EPS. Cummins's revenue for the quarter was up .3% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.97%. Cummins's payout ratio is currently 48.08%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CMI shares. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday, December 6th. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $355.00 to $420.00 in a report on Monday. Truist Financial boosted 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. Finally, Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cummins presently has an average rating of "Hold" and an average price target of $352.85.

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.