Knights of Columbus Asset Advisors LLC Sells 6,176 Shares of Cummins Inc. $CMI

Knights of Columbus Asset Advisors LLC decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 26.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 16,776 shares of the company’s stock after selling 6,176 shares during the period. Knights of Columbus Asset Advisors LLC’s holdings in Cummins were worth $8,666,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CMI. Persistent Asset Partners Ltd purchased a new position in Cummins during the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC increased its position in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after buying an additional 22 shares during the period. Cornerstone Financial Management LLC increased its position in shares of Cummins by 65.8% during the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock valued at $45,000 after buying an additional 25 shares during the period. Balance Wealth Partners LLC purchased a new stake in shares of Cummins in the third quarter worth about $32,000. Finally, Dunhill Financial LLC purchased a new stake in shares of Cummins in the second quarter worth about $46,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins News Roundup

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins unveiled its new S29 mining engine at its Chongqing plant, expanding its product offering for the mining market. The announcement could support growth, though the article details provided do not quantify its expected sales impact. Article: Cummins Unveils New S29 Mining Engine At Chongqing Engine Plant
• Positive Sentiment: AI data-center power demand and a strong order backlog are cited as growth drivers. However, supply constraints and weakness in the truck market may limit the upside. Article: Cummins After Q3: Is the Stock a Buy on AI Data Center Boom?
• Neutral Sentiment: Cummins underperformed competitors on Monday despite a gain in its shares, indicating relative weakness against peers. Article: Cummins stock underperforms competitors
• Negative Sentiment: Analysts have cut fair-value estimates, citing reduced expectations for growth and margins. Barclays lowered its target from $675 to $600 but maintained an “overweight” rating; JPMorgan cut its target from $600 to $465 and kept a “neutral” rating. Wells Fargo, Citigroup and Truist also reduced their targets, adding to pressure on investor sentiment. Article: Cummins fair value cut as analysts trim growth and margin views Article: Barclays lowers Cummins price target Article: JPMorgan lowers Cummins price target

Cummins Price Performance

Shares of NYSE CMI opened at $454.09 on Wednesday. The stock’s 50-day simple moving average is $522.29 and its two-hundred day simple moving average is $598.38. Cummins Inc. has a twelve month low of $443.62 and a twelve month high of $737.76. The firm has a market capitalization of $62.51 billion, a P/E ratio of 18.95, a P/E/G ratio of 1.24 and a beta of 1.26. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. During the same quarter last year, the company posted $5.59 EPS. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 29.83 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 36.73%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of analyst reports. Evercore cut their price objective on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Tuesday. CICC Research initiated coverage on shares of Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price on the stock. Bank of America cut their price target on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $658.29.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.