Cummins Inc. $CMI Stock Sold by Payden & Rygel

Payden & Rygel lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 51.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,900 shares of the company’s stock after selling 12,620 shares during the period. Payden & Rygel’s holdings in Cummins were worth $6,147,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CMI. Persistent Asset Partners Ltd purchased a new position in Cummins during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC lifted 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 worth $33,000 after purchasing an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Cornerstone Financial Management LLC boosted its stake 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 purchasing an additional 25 shares during the period. Finally, Balance Wealth Partners LLC purchased a new stake in shares of Cummins during the third quarter valued at $32,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. 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 reduced their target price on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Truist Financial decreased their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, DA Davidson boosted their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $694.24.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $500.75 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business has a 50-day moving average price of $536.75 and a 200 day moving average price of $602.02. The company has a market capitalization of $68.93 billion, a P/E ratio of 25.59, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 1-year low of $426.79 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company earned $6.43 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.8%. Cummins’s payout ratio is currently 44.97%.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.