Cummins Inc. (NYSE:CMI) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 6.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 50,593 shares of the company’s stock after selling 3,465 shares during the period. Wedge Capital Management L L P NC’s holdings in Cummins were worth $12,121,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC lifted its position in Cummins by 2.2% during the third quarter. International Assets Investment Management LLC now owns 3,480 shares of the company’s stock worth $800,000 after acquiring an additional 74 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of Cummins by 23.9% during the third quarter. HB Wealth Management LLC now owns 2,756 shares of the company’s stock worth $630,000 after buying an additional 532 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Cummins by 9.5% in the third quarter. SG Americas Securities LLC now owns 7,412 shares of the company’s stock valued at $1,693,000 after acquiring an additional 642 shares during the period. Summit Global Investments purchased a new stake in shares of Cummins during the 3rd quarter worth about $437,000. Finally, Atwater Malick LLC boosted its stake in Cummins by 0.8% during the third quarter. Atwater Malick LLC now owns 35,025 shares of the company’s stock valued at $8,002,000 after buying an additional 279 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen boosted their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Morgan Stanley began coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective on the stock. Truist Financial initiated coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. Finally, TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $279.70.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Up 0.7 %

Cummins stock traded up $1.99 during trading on Tuesday, reaching $292.39. The stock had a trading volume of 31,090 shares, compared to its average volume of 2,756,074. The stock has a market cap of $39.99 billion, a PE ratio of 56.05, a P/E/G ratio of 1.96 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The business has a 50 day moving average price of $280.93 and a 200 day moving average price of $249.14.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.52 earnings per share. On average, analysts predict that Cummins Inc. will post 18.31 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.30%. Cummins’s dividend payout ratio is currently 129.73%.

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.