Parnassus Investments LLC Has $129.81 Million Position in Cummins Inc. (NYSE:CMI)

Parnassus Investments LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 400,912 shares of the company's stock after selling 26,936 shares during the quarter. Parnassus Investments LLC owned 0.29% of Cummins worth $129,811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC acquired a new stake in Cummins during the 1st quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the 3rd quarter valued at $34,000. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. StockNews.com raised Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Citigroup lifted their target price on Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and lifted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research cut 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. Finally, Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $334.33.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,576 shares of company stock worth $9,033,945. Corporate insiders own 0.56% of the company's stock.

Cummins Trading Down 0.6 %

CMI stock traded down $2.29 during midday trading on Tuesday, hitting $361.73. 418,978 shares of the company's stock were exchanged, compared to its average volume of 1,471,877. The stock's fifty day moving average price is $330.26 and its 200-day moving average price is $302.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a market cap of $49.62 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping 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 company's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.73 earnings per share. Research analysts predict that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.01%. Cummins's dividend payout ratio is presently 48.08%.

Cummins 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.