Columbus Macro LLC Sells 33 Shares of Cummins Inc. (NYSE:CMI)

Columbus Macro LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,784 shares of the company’s stock after selling 33 shares during the period. Columbus Macro LLC’s holdings in Cummins were worth $913,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of Cummins in the 2nd quarter valued at $68,018,000. SG Americas Securities LLC increased its position in shares of Cummins by 1,012.0% in 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. Renaissance Technologies LLC acquired a new stake in Cummins during the 2nd quarter worth $46,607,000. Finally, AXA S.A. lifted its holdings in Cummins by 247.5% during the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after acquiring an additional 163,129 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CMI. Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Citigroup upped their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $311.55.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. 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 link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, 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 Stock Performance

Shares of CMI stock traded up $2.52 during midday trading on Friday, hitting $335.51. 1,534,690 shares of the company were exchanged, compared to its average volume of 1,565,059. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $340.82. The firm has a market capitalization of $45.89 billion, a P/E ratio of 24.56, a PEG ratio of 1.92 and a beta of 0.98. The firm’s 50 day moving average price is $312.64 and its two-hundred day moving average price is $294.84. 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 (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period last year, the firm posted $5.18 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 53.29%.

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.