Thrivent Financial for Lutherans Has $13.93 Million Stock Position in Cummins Inc. (NYSE:CMI)

Thrivent Financial for Lutherans cut its stake in Cummins Inc. (NYSE:CMI) by 6.8% in the third quarter, Holdings Channel.com reports. The firm owned 43,022 shares of the company’s stock after selling 3,124 shares during the period. Thrivent Financial for Lutherans’ holdings in Cummins were worth $13,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the second quarter valued at approximately $28,000. Lynx Investment Advisory bought a new position in Cummins in the second quarter worth $29,000. LRI Investments LLC acquired a new stake in Cummins during the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the 3rd quarter valued at $34,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % 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. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction 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 directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of CMI opened at $360.95 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a market cap of $49.52 billion, a P/E ratio of 23.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The stock’s 50-day moving average price is $332.94 and its two-hundred day moving average price is $303.34. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.73 earnings per share. On average, equities analysts predict that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed 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 2.02%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CMI. The Goldman Sachs Group increased their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $337.67.

About Cummins

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.