Cummins Inc. $CMI Shares Sold by Parcion Private Wealth LLC

Parcion Private Wealth LLC lessened its position in shares of Cummins Inc. (NYSE:CMI) by 35.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,611 shares of the company’s stock after selling 5,330 shares during the period. Parcion Private Wealth LLC’s holdings in Cummins were worth $4,965,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. BlackRock Inc. bought a new stake in shares of Cummins in the second quarter valued at about $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins during the second quarter worth about $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins during the second quarter worth about $973,198,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Cummins by 6.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock worth $530,405,000 after buying an additional 62,107 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Cummins in the 2nd quarter valued at approximately $666,635,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $500.75 on Friday. The stock has a market capitalization of $68.93 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 1.37 and a beta of 1.24. The business has a 50-day moving average of $536.75 and a 200-day moving average of $602.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a fifty-two week low of $426.79 and a fifty-two week high of $737.76.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Analysts Set New Price Targets

Several equities research analysts have commented on CMI shares. Citigroup cut their target price on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Evercore decreased their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. Finally, Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Sunday, October 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $694.24.

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.