Pacer Advisors Inc. Sells 1,108 Shares of Cummins Inc. $CMI

Pacer Advisors Inc. trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 9.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,156 shares of the company’s stock after selling 1,108 shares during the period. Pacer Advisors Inc.’s holdings in Cummins were worth $4,712,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. BNP Paribas grew its position in shares of Cummins by 1.8% during the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after purchasing an additional 25 shares in the last quarter. Orca Wealth Management LLC boosted its stake in Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after buying an additional 28 shares during the last quarter. Bowman & Co S.C. grew its holdings in Cummins by 1.0% during the 3rd quarter. Bowman & Co S.C. now owns 2,964 shares of the company’s stock valued at $1,259,000 after buying an additional 29 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in Cummins by 1.0% during the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after buying an additional 31 shares in the last quarter. Finally, Empirical Finance LLC increased its stake in Cummins by 0.7% in the 2nd quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock worth $1,611,000 after acquiring an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $514.28 on Tuesday. The stock has a market cap of $70.99 billion, a PE ratio of 26.69, a P/E/G ratio of 2.04 and a beta of 1.10. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $526.50. The company has a 50-day moving average price of $479.48 and a 200 day moving average price of $415.63. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter last year, the firm earned $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. Cummins’s payout ratio is presently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 27,330 shares of company stock valued at $12,649,764 in the last quarter. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on CMI shares. JPMorgan Chase & Co. increased their target price on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Sanford C. Bernstein reissued a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. Truist Financial upped their target price on shares of Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Finally, UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Thirteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $492.75.

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.