Cummins Inc. (NYSE:CMI) Shares Sold by Linscomb Wealth Inc.

Linscomb Wealth Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,388 shares of the company’s stock after selling 743 shares during the period. Cummins accounts for approximately 0.6% of Linscomb Wealth Inc.’s holdings, making the stock its 27th biggest position. Linscomb Wealth Inc.’s holdings in Cummins were worth $12,430,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CMI. Koshinski Asset Management Inc. lifted its stake in Cummins by 59.5% during the first quarter. Koshinski Asset Management Inc. now owns 1,496 shares of the company’s stock valued at $441,000 after purchasing an additional 558 shares during the last quarter. Kingsview Wealth Management LLC lifted its stake in Cummins by 45.8% during the first quarter. Kingsview Wealth Management LLC now owns 3,462 shares of the company’s stock valued at $1,020,000 after purchasing an additional 1,087 shares during the last quarter. Blair William & Co. IL lifted its stake in Cummins by 58.9% during the first quarter. Blair William & Co. IL now owns 23,724 shares of the company’s stock valued at $6,990,000 after purchasing an additional 8,793 shares during the last quarter. Banco Santander S.A. lifted its stake in Cummins by 2.0% during the first quarter. Banco Santander S.A. now owns 3,841 shares of the company’s stock valued at $1,132,000 after purchasing an additional 77 shares during the last quarter. Finally, First Foundation Advisors acquired a new stake in Cummins during the first quarter valued at approximately $150,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 in the company, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,413 shares of company stock worth $8,249,879. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on CMI shares. Truist Financial increased their target price 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. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Robert W. Baird upped their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the company from $294.00 to $408.00 in a research report on Wednesday. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $334.33.

Cummins Stock Performance

NYSE CMI traded down $0.08 during midday trading on Friday, hitting $363.65. The company had a trading volume of 98,065 shares, compared to its average volume of 1,479,132. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market cap of $49.89 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 1.79 and a beta of 0.97. The firm has a fifty day simple moving average of $327.55 and a two-hundred day simple moving average of $301.04. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the business posted $4.73 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post 20.61 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

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.