Deseret Mutual Benefit Administrators Trims Stake in Cummins Inc. (NYSE:CMI)

Deseret Mutual Benefit Administrators lowered its holdings in Cummins Inc. (NYSE:CMI) by 37.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 542 shares of the company’s stock after selling 327 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Cummins were worth $175,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pathway Financial Advisers LLC increased its position in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC grew its stake in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after buying an additional 972,247 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of Cummins in the 2nd quarter worth $68,018,000. Finally, SG Americas Securities LLC raised its position in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after buying an additional 179,346 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several research reports. Evercore ISI upped their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $324.83.

Cummins Stock Up 0.5 %

Shares of Cummins stock opened at $356.07 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a 52-week low of $214.57 and a 52-week high of $370.21. The company’s 50 day moving average price is $321.21 and its 200-day moving average price is $298.27. The stock has a market capitalization of $48.80 billion, a price-to-earnings ratio of 25.67, a P/E/G ratio of 1.88 and a beta of 0.97.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.73 earnings per share. Equities research analysts forecast that Cummins Inc. will post 19.96 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 52.49%.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.