Atria Investments Inc Sells 816 Shares of Cummins Inc. (NYSE:CMI)

Atria Investments Inc lessened its position in Cummins Inc. (NYSE:CMI) by 5.4% in the third quarter, HoldingsChannel reports. The firm owned 14,387 shares of the company’s stock after selling 816 shares during the quarter. Atria Investments Inc’s holdings in Cummins were worth $4,659,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new stake in Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter worth $29,000. LRI Investments LLC purchased a new position in Cummins in the 1st quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins during the 3rd quarter valued at about $34,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’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 transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,193 shares of company stock valued at $9,685,552 over the last ninety days. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CMI shares. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Evercore ISI increased their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird upped their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, Truist Financial upped 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $324.83.

Cummins Price Performance

Shares of Cummins stock opened at $355.07 on Wednesday. The firm has a market cap of $48.71 billion, a PE ratio of 23.67, a PEG ratio of 1.77 and a beta of 0.97. The stock has a 50 day moving average of $323.90 and a 200 day moving average of $299.69. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $216.91 and a 12 month high of $370.21.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share 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 analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business posted $4.73 earnings per share. Cummins’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts expect that Cummins Inc. will post 20.32 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Cummins Company 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.