Entropy Technologies LP Sells 10,095 Shares of Cummins Inc. (NYSE:CMI)

Entropy Technologies LP trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 77.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,876 shares of the company’s stock after selling 10,095 shares during the period. Entropy Technologies LP’s holdings in Cummins were worth $931,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC bought a new stake in shares of Cummins in the 1st quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the third quarter valued at about $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Citigroup upped their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial increased their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $334.33.

Cummins Stock Performance

Shares of Cummins stock opened at $366.34 on Thursday. The firm has a fifty day moving average of $324.91 and a two-hundred day moving average of $300.14. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock has a market capitalization of $50.25 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 1.75 and a beta of 0.97. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the company posted $4.73 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 20.44 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,413 shares of company stock worth $8,249,879. 0.56% of the stock is currently owned by company insiders.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.