Nisa Investment Advisors LLC Sells 9,969 Shares of Cummins Inc. (NYSE:CMI)

Nisa Investment Advisors LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 13.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,269 shares of the company’s stock after selling 9,969 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cummins were worth $20,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after buying an additional 604,735 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Legal & General Group Plc grew its holdings in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares during the last quarter. Finally, Marshfield Associates increased its position in shares of Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after purchasing an additional 3,076 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $331.21 on Wednesday. The business’s 50-day moving average is $317.53 and its two-hundred day moving average is $296.39. The company has a market capitalization of $45.30 billion, a P/E ratio of 24.25, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two 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.

Cummins (NYSE:CMI) last posted its 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the company earned $5.18 earnings per share. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 53.29%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Barclays raised their price objective 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 upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird lifted their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Citigroup boosted their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI raised their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $311.55.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following 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 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

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.