Adams Asset Advisors LLC Sells 5,561 Shares of Cummins Inc. (NYSE:CMI)

Adams Asset Advisors LLC cut its position in Cummins Inc. (NYSE:CMI) by 16.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 29,281 shares of the company’s stock after selling 5,561 shares during the quarter. Cummins accounts for 1.3% of Adams Asset Advisors LLC’s portfolio, making the stock its 21st biggest holding. Adams Asset Advisors LLC’s holdings in Cummins were worth $10,207,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins in the third quarter valued at $34,000. Ashton Thomas Securities LLC acquired a new position in shares of Cummins during the third quarter valued at about $55,000. Bangor Savings Bank increased its position in shares of Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in Cummins in the 2nd quarter valued at about $67,000. 83.46% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by insiders.

Cummins Stock Performance

Shares of Cummins stock traded up $3.56 during trading hours on Monday, reaching $358.44. The company had a trading volume of 285,018 shares, compared to its average volume of 529,515. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The firm has a market cap of $49.17 billion, a PE ratio of 23.68, a price-to-earnings-growth ratio of 1.80 and a beta of 1.01. The business has a fifty day simple moving average of $361.92 and a 200 day simple moving average of $325.03.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.73 EPS. On average, analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.03%. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Truist Financial raised their price target on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $363.50.

Cummins Company 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.