Pitcairn Co. Has $1.36 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Pitcairn Co. lessened its holdings in Cummins Inc. (NYSE:CMI) by 10.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,201 shares of the company’s stock after selling 474 shares during the period. Pitcairn Co.’s holdings in Cummins were worth $1,360,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC raised its position in Cummins by 4.0% in the third quarter. Kingsview Wealth Management LLC now owns 14,102 shares of the company’s stock worth $4,566,000 after purchasing an additional 545 shares in the last quarter. Cerity Partners LLC raised its position in Cummins by 13.4% in the third quarter. Cerity Partners LLC now owns 115,542 shares of the company’s stock worth $37,411,000 after purchasing an additional 13,660 shares in the last quarter. Great Valley Advisor Group Inc. raised its position in Cummins by 3.2% in the third quarter. Great Valley Advisor Group Inc. now owns 2,839 shares of the company’s stock worth $920,000 after purchasing an additional 87 shares in the last quarter. Icon Wealth Advisors LLC raised its position in Cummins by 16.0% in the third quarter. Icon Wealth Advisors LLC now owns 1,540 shares of the company’s stock worth $499,000 after purchasing an additional 212 shares in the last quarter. Finally, Allen Capital Group LLC grew its stake in Cummins by 5.2% during the third quarter. Allen Capital Group LLC now owns 1,157 shares of the company’s stock worth $375,000 after buying an additional 57 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.5 %

CMI opened at $372.62 on Friday. The firm’s fifty day moving average is $335.78 and its two-hundred day moving average is $304.53. 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 firm has a market cap of $51.12 billion, a PE ratio of 24.61, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $373.35.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the business posted $4.73 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last ninety days. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research analyst reports. Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial upped their price objective 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. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Citigroup increased their price target on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday. 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. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target 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.