Gladstone Institutional Advisory LLC Sells 65 Shares of Cummins Inc. (NYSE:CMI)

Gladstone Institutional Advisory LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,839 shares of the company’s stock after selling 65 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in Cummins were worth $440,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. First United Bank & Trust bought a new stake in Cummins during the 4th quarter worth about $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the 4th quarter valued at about $26,000. Silver Oak Securities Incorporated acquired a new position in Cummins during the 3rd quarter valued at about $28,000. DiNuzzo Private Wealth Inc. acquired a new position in Cummins during the 4th quarter valued at about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Cummins during the 3rd quarter valued at about $39,000. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CMI. JPMorgan Chase & Co. upped their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Truist Financial reiterated a “hold” rating and issued a $319.00 price target on shares of Cummins in a research report on Wednesday, May 15th. The Goldman Sachs Group increased their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, TD Cowen increased their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $284.36.

Insider Buying and Selling at Cummins

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Daniel William Fisher bought 562 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $287.01 on Thursday. The stock has a market capitalization of $39.26 billion, a P/E ratio of 21.01, a P/E/G ratio of 1.80 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a 50 day moving average of $290.55 and a 200-day moving average of $259.12. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Friday, May 24th will be issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, May 23rd. Cummins’s dividend payout ratio is 49.19%.

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.