Cummins Inc. $CMI Stock Sold by Leeward Financial Partners LLC

Leeward Financial Partners LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 88.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 765 shares of the company’s stock after selling 5,998 shares during the period. Leeward Financial Partners LLC’s holdings in Cummins were worth $395,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CMI. Wellington Management Group LLP raised its holdings in Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock valued at $353,072,000 after buying an additional 350,910 shares during the period. Fulcrum Wealth Advisors LLC lifted its position in Cummins by 611.8% in the third quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock worth $8,401,000 after buying an additional 13,979 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Cummins by 45.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock worth $6,981,000 after buying an additional 4,538 shares during the period. CWS Financial Advisors LLC boosted its stake in Cummins by 973.2% during the third quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company’s stock worth $2,445,000 after buying an additional 4,292 shares during the period. Finally, Legacy Private Trust Co. boosted its stake in Cummins by 1,264.1% during the third quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock worth $6,314,000 after buying an additional 11,326 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research note on Thursday, October 8th. Bank of America dropped their price target on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Sanford C. Bernstein reiterated a “market perform” rating and set a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Truist Financial cut their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, UBS Group reduced their price objective on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $703.18.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Cummins Stock Performance

CMI stock opened at $517.64 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business’s fifty day simple moving average is $545.26 and its two-hundred day simple moving average is $619.89. Cummins Inc. has a twelve month low of $413.98 and a twelve month high of $737.76. The firm has a market cap of $71.26 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 earnings per share. Analysts predict that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.