Franklin Street Advisors Inc. NC Trims Stock Position in Cummins Inc. (NYSE:CMI)

Franklin Street Advisors Inc. NC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 4.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,068 shares of the company’s stock after selling 1,661 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Cummins were worth $11,528,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in shares of Cummins by 1,194.7% in the second quarter. Acadian Asset Management LLC now owns 6,098 shares of the company’s stock valued at $1,688,000 after acquiring an additional 5,627 shares during the period. PFG Investments LLC lifted its position in Cummins by 10.0% during the 2nd quarter. PFG Investments LLC now owns 1,753 shares of the company’s stock worth $485,000 after acquiring an additional 160 shares during the period. Choreo LLC grew its stake in shares of Cummins by 75.9% in the 2nd quarter. Choreo LLC now owns 6,660 shares of the company’s stock valued at $1,816,000 after purchasing an additional 2,873 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Cummins by 7.6% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 1,287 shares of the company’s stock valued at $356,000 after purchasing an additional 91 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in shares of Cummins by 27.0% during the second quarter. Daiwa Securities Group Inc. now owns 19,075 shares of the company’s stock worth $5,283,000 after purchasing an additional 4,053 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The stock was 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. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 6,489 shares of company stock valued at $2,357,531 in the last quarter. Company insiders own 0.56% of the company’s stock.

Cummins Stock Down 1.4 %

Cummins stock traded down $4.92 during trading on Friday, reaching $354.83. 142,075 shares of the company’s stock were exchanged, compared to its average volume of 479,081. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The firm has a market cap of $48.68 billion, a price-to-earnings ratio of 23.44, a PEG ratio of 1.80 and a beta of 1.01. 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 company’s 50-day moving average is $361.38 and its two-hundred day moving average is $323.95.

Cummins (NYSE:CMI) last posted its earnings results 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 business 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 company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.73 earnings per share. On average, analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CMI. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial increased their price objective on Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Citigroup raised their price objective on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $363.50.

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.