Cummins Inc. (NYSE:CMI) Shares Sold by Versor Investments LP

Versor Investments LP decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 71.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,300 shares of the company's stock after selling 5,724 shares during the quarter. Versor Investments LP's holdings in Cummins were worth $745,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. PFG Investments LLC raised its position in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC raised its holdings in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock valued at $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its holdings in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock valued at $16,361,000 after acquiring an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cummins during the 2nd quarter worth $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cummins by 13.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company's stock worth $55,073,000 after purchasing an additional 21,850 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. The Goldman Sachs Group upped 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. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research note on Friday, October 11th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Finally, Truist Financial increased their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $334.33.

Cummins Stock Up 3.3 %

Shares of NYSE CMI traded up $11.68 on Wednesday, hitting $366.76. The company had a trading volume of 421,716 shares, compared to its average volume of 1,486,841. 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 12-month low of $220.02 and a 12-month high of $370.21. The firm has a market capitalization of $50.31 billion, a P/E ratio of 24.21, a PEG ratio of 1.75 and a beta of 0.97. The business has a 50 day moving average of $324.91 and a two-hundred day moving average of $300.14.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during 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%. Cummins's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.73 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 20.44 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's payout ratio is 48.08%.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred 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 directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred 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 directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on 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 sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,193 shares of company stock valued at $9,685,552 in the last quarter. Company 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.