Geode Capital Management LLC Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Geode Capital Management LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,293,471 shares of the company’s stock after selling 63,160 shares during the period. Geode Capital Management LLC owned 2.40% of Cummins worth $1,062,886,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. PFG Investments LLC boosted its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC boosted its stake in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC boosted its stake in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new stake in Cummins during the 3rd quarter valued at $748,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Cummins during the 2nd quarter valued at $856,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 1.4 %

CMI opened at $377.87 on Wednesday. The firm has a market cap of $51.84 billion, a P/E ratio of 24.96, a P/E/G ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average of $349.67 and a 200 day moving average of $311.38.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.93%. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent analyst reports. The Goldman Sachs Group increased 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. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup increased their price target on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a report on Monday. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the company from $355.00 to $420.00 in a report on Monday. Finally, Robert W. Baird increased their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $352.85.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. Corporate 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.