Cummins Inc. (NYSE:CMI) Shares Sold by Huntington National Bank

Huntington National Bank lowered its position in shares of Cummins Inc. (NYSE:CMI) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,294 shares of the company’s stock after selling 98 shares during the period. Huntington National Bank’s holdings in Cummins were worth $2,362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the business. Cultivar Capital Inc. purchased a new stake in Cummins in the second quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the 2nd quarter valued at about $29,000. LRI Investments LLC purchased a new position in Cummins during the first quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the third quarter valued at about $34,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.5 %

Shares of Cummins stock opened at $361.85 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The company has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. The company has a 50 day moving average of $327.55 and a 200 day moving average of $301.04.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company earned $4.73 EPS. As a group, research analysts forecast that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. Cummins’s payout ratio is currently 48.08%.

Insider Transactions at Cummins

In related 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,576 shares of company stock valued at $9,033,945. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. Robert W. Baird upped their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Finally, Truist Financial boosted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $334.33.

Cummins Company Profile

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.