Thurston Springer Miller Herd & Titak Inc. Sells 2,124 Shares of Cummins Inc. $CMI

Thurston Springer Miller Herd & Titak Inc. reduced its holdings in Cummins Inc. (NYSE:CMI) by 72.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 826 shares of the company’s stock after selling 2,124 shares during the period. Thurston Springer Miller Herd & Titak Inc.’s holdings in Cummins were worth $427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Cummins during the 2nd quarter valued at $8,204,241,000. Bank of America Corp DE acquired a new stake in Cummins in the 2nd quarter worth $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in Cummins in the 2nd quarter worth $973,198,000. Legal & General Group Plc acquired a new stake in Cummins in the 2nd quarter worth $666,635,000. Finally, SG Americas Securities LLC increased its holdings in shares of Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of CMI stock traded down $7.02 during trading hours on Wednesday, hitting $522.33. The company had a trading volume of 429,295 shares, compared to its average volume of 984,327. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The firm’s fifty day moving average is $562.88 and its 200 day moving average is $620.45. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76. The firm has a market capitalization of $71.90 billion, a price-to-earnings ratio of 26.71, a PEG ratio of 1.39 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $6.43 earnings per share. On average, sell-side analysts predict that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Citigroup cut their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research report on Monday. Wells Fargo & Company reduced their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. Truist Financial decreased their target price on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Morgan Stanley upped their price target on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $708.18.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by corporate insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.