Calton & Associates Inc. Decreases Stock Position in Cummins Inc. (NYSE:CMI)

Calton & Associates Inc. reduced its position in Cummins Inc. (NYSE:CMI) by 8.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,462 shares of the company’s stock after selling 136 shares during the period. Calton & Associates Inc.’s holdings in Cummins were worth $473,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in Cummins in the second quarter worth about $68,018,000. SG Americas Securities LLC boosted its position in Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Cummins in the second quarter worth about $46,607,000. Finally, AXA S.A. boosted its position in Cummins by 247.5% in the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after purchasing an additional 163,129 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock traded down $3.94 during trading on Tuesday, hitting $329.69. 13,004 shares of the company’s stock traded hands, compared to its average volume of 1,552,060. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $340.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The business has a fifty day simple moving average of $313.50 and a 200 day simple moving average of $295.11. The stock has a market capitalization of $45.09 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 1.92 and a beta of 0.98.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Analysts Set New Price Targets

Several brokerages have issued reports on CMI. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $311.55.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction 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 $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, 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 transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.