B. Riley Wealth Advisors Inc. Sells 42 Shares of Cummins Inc. (NYSE:CMI)

B. Riley Wealth Advisors Inc. reduced its stake in Cummins Inc. (NYSE:CMIFree Report) by 0.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,843 shares of the company’s stock after selling 42 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Cummins were worth $1,571,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. 1ST Source Bank lifted its stake in shares of Cummins by 5.3% in the third quarter. 1ST Source Bank now owns 1,844 shares of the company’s stock worth $597,000 after buying an additional 93 shares during the last quarter. Bush Investment Group LLC bought a new position in Cummins in the 3rd quarter worth $204,000. Old North State Trust LLC acquired a new position in Cummins during the 3rd quarter worth $232,000. Franklin Resources Inc. boosted its holdings in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares during the period. Finally, Synovus Financial Corp grew its position in shares of Cummins by 1.5% in the third quarter. Synovus Financial Corp now owns 15,891 shares of the company’s stock valued at $5,146,000 after purchasing an additional 230 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $366.95 on Tuesday. The stock has a market cap of $50.34 billion, a P/E ratio of 24.24, a PEG ratio of 1.80 and a beta of 0.99. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The company’s 50-day simple moving average is $353.89 and its 200 day simple moving average is $314.56.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.73 EPS. As a group, research analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. Cummins’s payout ratio is presently 48.08%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CMI. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Citigroup raised their price objective on shares of Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $352.85.

Read Our Latest Report on Cummins

About Cummins

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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