Harbour Trust & Investment Management Co Trims Stock Position in Cummins Inc. (NYSE:CMI)

25 Oct 2024, 13:44 by Renee Jackson · The Cerbat Gem

Harbour Trust & Investment Management Co trimmed its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,703 shares of the company’s stock after selling 42 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in Cummins were worth $1,847,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC grew its stake in shares of Cummins by 109,309.3% during 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 during the period. Manning & Napier Advisors LLC purchased a new position in Cummins in the second quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP increased its position in shares of Cummins by 190.3% in the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after buying an additional 12,087 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on CMI. Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. 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 note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $311.55.

Get Our Latest Report on CMI

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.7 %

Shares of CMI stock opened at $332.41 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The company’s 50-day moving average price is $315.05 and its 200-day moving average price is $295.57. The stock has a market cap of $45.47 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter last year, the firm earned $5.18 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

About Cummins

(Free Report)

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.