Cummins Inc. (NYSE:CMI) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,783 shares of the company’s stock after selling 165 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cummins were worth $3,168,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the second quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the second quarter valued at approximately $29,000. LRI Investments LLC acquired a new position in Cummins in the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.5 %

NYSE CMI 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 business’s fifty day simple moving average is $327.55 and its 200-day simple moving average is $301.04. The firm has a market cap of $49.64 billion, a PE ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97.

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

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given 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 yield of 2.01%. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CMI shares. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Citigroup boosted their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Finally, Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $334.33.

Insider Activity

In related news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now 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 disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 in the last quarter. Insiders own 0.56% of the company’s stock.

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.