Principal Street Partners LLC Trims Position in Cummins Inc. (NYSE:CMI)

Principal Street Partners LLC reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 22.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,689 shares of the company's stock after selling 6,004 shares during the quarter. Cummins comprises 1.1% of Principal Street Partners LLC's holdings, making the stock its 19th largest holding. Principal Street Partners LLC's holdings in Cummins were worth $6,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Avestar Capital LLC grew its position in Cummins by 5.9% in the 3rd quarter. Avestar Capital LLC now owns 956 shares of the company's stock valued at $310,000 after purchasing an additional 53 shares during the period. Brooklyn Investment Group bought a new stake in shares of Cummins during the 3rd quarter worth $193,000. FMR LLC grew its position in shares of Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company's stock valued at $380,484,000 after acquiring an additional 9,245 shares during the period. Bank of Montreal Can raised its holdings in shares of Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock worth $127,898,000 after purchasing an additional 68,627 shares during the period. Finally, Associated Banc Corp lifted its stake in Cummins by 0.8% in the third quarter. Associated Banc Corp now owns 51,026 shares of the company's stock valued at $16,522,000 after purchasing an additional 410 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction 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 transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 in the last quarter. 0.56% of the stock is owned by insiders.

Cummins Price Performance

NYSE:CMI traded up $2.32 during midday trading on Tuesday, hitting $377.59. The company had a trading volume of 400,972 shares, compared to its average volume of 1,450,878. The company has a market capitalization of $51.80 billion, a PE ratio of 24.86, a P/E/G ratio of 1.81 and a beta of 0.97. The stock's fifty day moving average price is $337.27 and its 200-day moving average price is $305.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $222.04 and a 52-week high of $377.69.

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, topping analysts' consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business's quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $4.73 EPS. As a group, research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.93%. Cummins's payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CMI shares. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Monday, August 5th. Truist Financial boosted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and lifted their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, 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. 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 company. According to data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus target price of $337.67.

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.