Eagle Rock Investment Company LLC Sells 7,281 Shares of Cummins Inc. $CMI

Eagle Rock Investment Company LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 51.8% in the 3rd quarter, Holdings Channel reports. The fund owned 6,766 shares of the company’s stock after selling 7,281 shares during the quarter. Eagle Rock Investment Company LLC’s holdings in Cummins were worth $3,495,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Atticus Wealth Management LLC grew its position in Cummins by 3.4% in the 3rd quarter. Atticus Wealth Management LLC now owns 1,480 shares of the company’s stock worth $764,000 after purchasing an additional 49 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Cummins by 1.0% during the 3rd quarter. Quadrant Capital Group LLC now owns 4,649 shares of the company’s stock worth $2,461,000 after purchasing an additional 44 shares during the period. Kirr Marbach & Co. LLC IN increased its holdings in shares of Cummins by 1.1% during the 3rd quarter. Kirr Marbach & Co. LLC IN now owns 1,826 shares of the company’s stock worth $943,000 after purchasing an additional 20 shares during the period. Capstone Capital Management Ltd acquired a new position in shares of Cummins during the third quarter valued at about $248,000. Finally, Integrated Advisors Network LLC raised its position in shares of Cummins by 1.5% during the third quarter. Integrated Advisors Network LLC now owns 2,090 shares of the company’s stock valued at $1,079,000 after buying an additional 30 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.3%

Shares of Cummins stock opened at $543.28 on Thursday. Cummins Inc. has a 52-week low of $407.57 and a 52-week high of $737.76. The firm has a market capitalization of $74.79 billion, a PE ratio of 27.76, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company’s fifty day moving average price is $549.81 and its two-hundred day moving average price is $620.36.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 earnings per share. On average, analysts expect that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. Cummins’s payout ratio is presently 44.97%.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. Truist Financial reduced their target price on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research note on Monday, October 5th. JPMorgan Chase & Co. lowered their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. DA Davidson boosted their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. CICC Research assumed coverage on Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price target for the company. Finally, Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $703.18.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.