Cookson Peirce & Co. Inc. Sells 106,665 Shares of Cummins Inc. $CMI

Cookson Peirce & Co. Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 96.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 4,273 shares of the company’s stock after selling 106,665 shares during the period. Cookson Peirce & Co. Inc.’s holdings in Cummins were worth $1,399,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. Raymond James Financial Inc. lifted its stake in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after acquiring an additional 817,384 shares during the period. AQR Capital Management LLC lifted its stake in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after acquiring an additional 424,294 shares during the period. Nuveen LLC bought a new position in Cummins during the 1st quarter valued at about $109,120,000. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Cummins by 74.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after purchasing an additional 319,277 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 2.4%

Cummins stock opened at $408.02 on Thursday. The firm has a 50 day moving average of $412.04 and a 200 day moving average of $355.14. The firm has a market capitalization of $56.22 billion, a price-to-earnings ratio of 19.18, a P/E/G ratio of 1.94 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.26 EPS. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,119 shares of company stock worth $17,674,285. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Truist Financial increased their price objective on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. Finally, Barclays increased their price objective on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

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.