HM Payson & Co. Has $20.12 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

HM Payson & Co. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 0.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 62,132 shares of the company’s stock after selling 557 shares during the quarter. HM Payson & Co.’s holdings in Cummins were worth $20,118,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins in the 3rd quarter worth approximately $34,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. Citigroup upped their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird upped their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Evercore ISI upped their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $311.55.

Insider Transactions at Cummins

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

Cummins Stock Performance

CMI stock traded down $1.50 during trading hours on Thursday, hitting $330.34. 9,824 shares of the stock were exchanged, compared to its average volume of 1,517,058. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $45.18 billion, a P/E ratio of 24.29, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a 50-day simple moving average of $318.09 and a two-hundred day simple moving average of $296.64. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $340.82.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $5.18 EPS. On average, analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Cummins 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.