Pathway Financial Advisers LLC Sells 2,524,103 Shares of Cummins Inc. (NYSE:CMI)

Pathway Financial Advisers LLC lessened its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 99.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,766 shares of the company's stock after selling 2,524,103 shares during the quarter. Pathway Financial Advisers LLC's holdings in Cummins were worth $2,707,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. 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 worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. State Street Corp raised its stake in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. abrdn plc raised its stake in shares of Cummins by 22.5% in the third quarter. abrdn plc now owns 611,810 shares of the company's stock valued at $198,119,000 after acquiring an additional 112,529 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after acquiring an additional 99,464 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Up 1.2 %

Shares of NYSE:CMI traded up $4.39 during midday trading on Monday, reaching $373.71. The company had a trading volume of 802,013 shares, compared to its average volume of 888,607. The business's 50 day moving average price is $361.09 and its 200 day moving average price is $339.39. Cummins Inc. has a 1-year low of $259.06 and a 1-year high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $51.27 billion, a PE ratio of 13.27, a P/E/G ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $4.14 earnings per share. Research analysts forecast that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 25.84%.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and boosted their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Finally, Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of "Hold" and a consensus price target of $383.08.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.