Cummins Inc. (NYSE:CMI) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its holdings in Cummins Inc. (NYSE:CMI) by 1.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,457 shares of the company’s stock after selling 164 shares during the period. Hartford Investment Management Co.’s holdings in Cummins were worth $2,948,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Global Trust Asset Management LLC boosted its holdings in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the period. Compass Financial Services Inc acquired a new position in Cummins during the 4th quarter valued at about $27,000. Prospera Private Wealth LLC acquired a new position in Cummins during the 3rd quarter valued at about $32,000. Ashton Thomas Securities LLC acquired a new position in Cummins during the 3rd quarter valued at about $55,000. Finally, Friedenthal Financial acquired a new position in Cummins during the 4th quarter valued at about $55,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

Cummins Stock Down 2.3 %

NYSE CMI opened at $364.08 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The company’s 50 day simple moving average is $361.68 and its 200 day simple moving average is $337.74. Cummins Inc. has a 12 month low of $250.90 and a 12 month high of $387.90. The company has a market capitalization of $49.94 billion, a P/E ratio of 12.92, a PEG ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the firm earned $4.14 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. Cummins’s payout ratio is currently 25.84%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CMI shares. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $383.08.

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.