Northwest Bancshares Inc. Has $6.33 Million Stake in Cummins Inc. (NYSE:CMI)

Northwest Bancshares Inc. lessened its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 16.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,557 shares of the company's stock after selling 3,830 shares during the quarter. Cummins accounts for 1.1% of Northwest Bancshares Inc.'s portfolio, making the stock its 21st largest position. Northwest Bancshares Inc.'s holdings in Cummins were worth $6,332,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins in the 2nd quarter valued at $28,000. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter valued at about $28,000. Lynx Investment Advisory acquired a new stake in Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC purchased a new stake in Cummins during the 1st quarter worth approximately $31,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction on 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 approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company's stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock worth $9,033,945 over the last ninety days. Company insiders own 0.56% of the company's stock.

Cummins Stock Down 0.5 %

NYSE:CMI traded down $1.82 on Wednesday, hitting $360.04. 123,834 shares of the company's stock traded hands, compared to its average volume of 1,465,854. The company has a market cap of $49.39 billion, a PE ratio of 23.77, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $331.59 and a 200-day moving average price of $302.93. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company posted $4.73 EPS. Equities analysts anticipate that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CMI shares. The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the stock 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 on the stock. in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research report on Friday, October 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $337.67.

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.