Cummins Inc. (NYSE:CMI) Shares Acquired by Hamlin Capital Management LLC

Hamlin Capital Management LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 523,798 shares of the company's stock after purchasing an additional 38,850 shares during the quarter. Cummins accounts for 4.3% of Hamlin Capital Management LLC's holdings, making the stock its 9th biggest holding. Hamlin Capital Management LLC owned approximately 0.38% of Cummins worth $169,601,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the second quarter worth about $28,000. Cultivar Capital Inc. purchased a new position in Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory bought a new position in Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC purchased a new stake in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the third quarter worth $34,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Down 1.0 %

CMI traded down $3.31 on Friday, hitting $329.17. The company had a trading volume of 604,435 shares, compared to its average volume of 1,539,366. The stock has a market capitalization of $45.02 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock has a fifty day moving average price of $316.25 and a 200-day moving average price of $295.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $340.82.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins's revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.18 EPS. Analysts predict that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. Cummins's payout ratio is 53.29%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a research note on Monday, August 5th. Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. Finally, Citigroup upped their target price on Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $311.55.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company's stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company's stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

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.