Cummins Inc. (NYSE:CMI) Shares Sold by Coastline Trust Co

Coastline Trust Co decreased its holdings in Cummins Inc. (NYSE:CMI) by 26.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,558 shares of the company’s stock after selling 560 shares during the period. Coastline Trust Co’s holdings in Cummins were worth $504,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CMI. Empowered Funds LLC increased its holdings in Cummins by 15.3% during the 3rd quarter. Empowered Funds LLC now owns 24,617 shares of the company’s stock worth $7,971,000 after purchasing an additional 3,265 shares during the period. Empirical Finance LLC grew its position in shares of Cummins by 1.8% during the third quarter. Empirical Finance LLC now owns 4,838 shares of the company’s stock worth $1,566,000 after buying an additional 84 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Cummins by 7.3% during the third quarter. CIBC Asset Management Inc now owns 23,340 shares of the company’s stock worth $7,557,000 after buying an additional 1,582 shares during the period. Balboa Wealth Partners acquired a new stake in Cummins in the third quarter valued at approximately $337,000. Finally, OneDigital Investment Advisors LLC lifted its stake in Cummins by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 8,057 shares of the company’s stock worth $2,609,000 after acquiring an additional 511 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of analyst reports. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $334.33.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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 owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,540,879.47. The trade was a 9.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,576 shares of company stock valued at $9,033,945. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $361.85 on Friday. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21. The stock has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. The company has a 50-day simple moving average of $328.91 and a 200-day simple moving average of $301.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $4.73 EPS. On average, analysts predict that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Announces Dividend

The company 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 dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. Cummins’s payout ratio is 48.08%.

Cummins 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.