Raymond James Trust N.A. Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Raymond James Trust N.A. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 5.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,955 shares of the company’s stock after selling 290 shares during the quarter. Raymond James Trust N.A.’s holdings in Cummins were worth $1,604,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CMI. PFG Investments LLC boosted its stake in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares in the last quarter. CWM LLC lifted its holdings in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC boosted its position in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Cummins during the 2nd quarter worth $16,329,000. Finally, Cetera Advisors LLC increased its position in Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after buying an additional 14,170 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Finally, Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $337.67.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company’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 completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 1.5 %

Shares of NYSE:CMI opened at $372.62 on Friday. The company has a market capitalization of $51.12 billion, a PE ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97. Cummins Inc. has a 12-month low of $222.04 and a 12-month high of $373.35. The business has a 50 day moving average of $335.78 and a two-hundred day moving average of $304.53. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s dividend payout ratio is presently 48.08%.

About Cummins

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.