Transamerica Financial Advisors Inc. Sells 417 Shares of Cummins Inc. (NYSE:CMI)

Transamerica Financial Advisors Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,960 shares of the company’s stock after selling 417 shares during the period. Transamerica Financial Advisors Inc.’s holdings in Cummins were worth $1,283,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter worth $31,000. Finally, Prospera Private Wealth LLC purchased a new stake in Cummins in the 3rd quarter worth about $32,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup increased their target price on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $337.67.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.6 %

Shares of NYSE CMI opened at $377.59 on Wednesday. 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 business has a 50-day moving average of $338.79 and a 200-day moving average of $305.77. The firm has a market capitalization of $51.80 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 1.82 and a beta of 0.97. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $377.69.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business 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 quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.73 EPS. Sell-side analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.93%. 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.