Verdence Capital Advisors LLC Sells 34 Shares of Cummins Inc. (NYSE:CMI)

Verdence Capital Advisors LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 0.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,856 shares of the company’s stock after selling 34 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Cummins were worth $2,544,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in CMI. Envestnet Portfolio Solutions Inc. boosted its position in Cummins by 22.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock valued at $1,686,000 after acquiring an additional 1,061 shares in the last quarter. Montag A & Associates Inc. grew its stake in Cummins by 4,316.9% in the first quarter. Montag A & Associates Inc. now owns 7,862 shares of the company’s stock worth $2,317,000 after purchasing an additional 7,684 shares during the period. Concurrent Investment Advisors LLC raised its holdings in Cummins by 22.9% in the first quarter. Concurrent Investment Advisors LLC now owns 3,235 shares of the company’s stock worth $953,000 after purchasing an additional 603 shares in the last quarter. Donoghue Forlines LLC purchased a new position in Cummins during the first quarter valued at $1,900,000. Finally, Russell Investments Group Ltd. grew its position in shares of Cummins by 18.9% in the 1st quarter. Russell Investments Group Ltd. now owns 205,932 shares of the company’s stock worth $60,679,000 after buying an additional 32,665 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred 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 of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the business’s 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 transaction, the vice president now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly 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. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CMI shares. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup increased their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday. Finally, Evercore ISI upped their target price 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $324.83.

Cummins Price Performance

NYSE CMI opened at $356.46 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $48.90 billion, a P/E ratio of 23.54, a PEG ratio of 2.01 and a beta of 0.97. The company has a 50-day moving average price of $322.99 and a 200-day moving average price of $299.12. Cummins Inc. has a 52 week low of $214.57 and a 52 week high of $370.21.

Cummins (NYSE:CMI) last released 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. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 20.17 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders 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 dividend yield of 2.04%. Cummins’s payout ratio is currently 48.08%.

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.