Cummins Inc. $CMI Shares Sold by Americana Partners LLC

Americana Partners LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 73.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,048 shares of the company’s stock after selling 2,934 shares during the quarter. Americana Partners LLC’s holdings in Cummins were worth $443,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Osterweis Capital Management Inc. bought a new position in Cummins during the 2nd quarter worth $31,000. Salomon & Ludwin LLC raised its stake in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after acquiring an additional 80 shares in the last quarter. Tripletail Wealth Management LLC acquired a new position in Cummins during the 3rd quarter worth $39,000. CNB Bank acquired a new position in Cummins during the 2nd quarter worth $43,000. Finally, SJS Investment Consulting Inc. grew its stake in shares of Cummins by 1,414.3% in the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after purchasing an additional 99 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,330 shares of company stock valued at $9,135,364 in the last three months. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research note on Monday, December 22nd. Finally, Truist Financial boosted their target price on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $514.00.

Cummins Stock Performance

Shares of CMI opened at $581.53 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The firm’s 50 day moving average is $516.47 and its 200-day moving average is $441.99. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $584.70. The stock has a market capitalization of $80.27 billion, a P/E ratio of 30.18, a P/E/G ratio of 1.98 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $5.86 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.