Franklin Street Advisors Inc. NC Has $8.87 Million Holdings in Cummins Inc. (NYSE:CMI)

Franklin Street Advisors Inc. NC trimmed its position in Cummins Inc. (NYSE:CMI) by 5.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,024 shares of the company’s stock after selling 1,991 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Cummins were worth $8,870,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Norges Bank bought a new stake in Cummins during the 4th quarter worth approximately $292,182,000. iA Global Asset Management Inc. acquired a new stake in Cummins in the 3rd quarter valued at about $71,268,000. Envestnet Asset Management Inc. boosted its position in Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after buying an additional 274,927 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Cummins by 28.2% in the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after purchasing an additional 235,372 shares during the period. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last ninety days. Insiders own 1.12% of the company’s stock.

Cummins Trading Down 0.0 %

CMI opened at $294.65 on Friday. The company’s 50 day moving average price is $261.54 and its two-hundred day moving average price is $240.87. The firm has a market capitalization of $41.80 billion, a price-to-earnings ratio of 56.87, a PEG ratio of 2.00 and a beta of 1.03. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $297.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.52 EPS. As a group, research analysts predict that Cummins Inc. will post 18.36 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CMI shares. JPMorgan Chase & Co. upped their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Finally, Truist Financial began coverage on shares of Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $271.64.

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.