iA Global Asset Management Inc. Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

iA Global Asset Management Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 96.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 8,258 shares of the company's stock after selling 244,615 shares during the period. iA Global Asset Management Inc.'s holdings in Cummins were worth $2,674,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pathway Financial Advisers LLC increased 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 valued at $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased 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 valued at $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in Cummins in the 2nd quarter worth approximately $68,018,000. Renaissance Technologies LLC purchased a new stake in Cummins in the 2nd quarter worth approximately $46,607,000. Finally, Fisher Asset Management LLC increased its holdings in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after acquiring an additional 165,398 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CMI shares. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Citigroup increased their target price on Cummins from $415.00 to $435.00 and gave the company a "buy" rating in a research report on Monday. Truist Financial increased their target price on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. 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 report on Wednesday, November 6th. Finally, StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of "Hold" and a consensus target price of $352.85.

Cummins Stock Up 1.1 %

Shares of Cummins stock traded up $4.01 during trading on Monday, hitting $383.61. 1,022,112 shares of the stock traded hands, compared to its average volume of 1,423,065. The firm has a market cap of $52.62 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The stock's fifty day simple moving average is $349.67 and its 200 day simple moving average is $311.38.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly 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 firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $4.73 earnings per share. On average, equities analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business 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 annualized dividend and a yield of 1.90%. Cummins's dividend payout ratio (DPR) is presently 48.08%.

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 that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last quarter. Insiders own 0.56% of the company's stock.

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.