Parnassus Investments LLC Sells 11,487 Shares of Cummins Inc. $CMI

Parnassus Investments LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 3.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 280,004 shares of the company’s stock after selling 11,487 shares during the quarter. Parnassus Investments LLC’s holdings in Cummins were worth $142,928,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins in the 4th quarter worth $26,000. Activest Wealth Management lifted its holdings in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the 4th quarter worth $27,000. Ares Financial Consulting LLC purchased a new stake in shares of Cummins in the 4th quarter worth $29,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the 2nd quarter worth $31,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This represents a 14.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CMI shares. Wells Fargo & Company upped their target price on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial upped their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Finally, Argus upped their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $726.14.

Cummins Trading Up 4.0%

Shares of NYSE CMI opened at $655.61 on Friday. The business has a fifty day moving average price of $646.26 and a 200 day moving average price of $582.72. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The stock has a market capitalization of $90.47 billion, a P/E ratio of 34.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $5.96 EPS. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Cummins Profile

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.