Symphony Financial Ltd. Co. Sells 4,284 Shares of Cummins Inc. $CMI

Symphony Financial Ltd. Co. reduced its stake in Cummins Inc. (NYSE:CMI) by 39.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,481 shares of the company’s stock after selling 4,284 shares during the period. Symphony Financial Ltd. Co.’s holdings in Cummins were worth $2,747,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares during the period. State Street Corp raised its stake in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after acquiring an additional 92,073 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after purchasing an additional 43,720 shares during the period. Fisher Asset Management LLC grew its stake in shares of Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after purchasing an additional 142,058 shares during the last quarter. Finally, Norges Bank purchased a new position in Cummins during the 2nd quarter valued at about $505,941,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 2.0%

NYSE:CMI opened at $571.34 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The firm’s 50-day moving average price is $520.97 and its 200-day moving average price is $444.67. The company has a market capitalization of $78.86 billion, a PE ratio of 29.65, a P/E/G ratio of 2.04 and a beta of 1.12. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $587.55.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter in the prior year, the company earned $5.86 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. Argus increased their price objective on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Truist Financial raised their price target on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research note on Thursday, December 18th. Citigroup lifted their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Finally, Barclays raised their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $520.79.

Insider Activity at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,330 shares of company stock valued at $9,135,364 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.