True Wealth Design LLC Trims Stake in Cummins Inc. (NYSE:CMI)

True Wealth Design LLC lessened its position in shares of Cummins Inc. (NYSE:CMI) by 97.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 95 shares of the company’s stock after selling 3,076 shares during the quarter. True Wealth Design LLC’s holdings in Cummins were worth $31,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins during the second quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the 2nd quarter worth $28,000. Lynx Investment Advisory purchased a new position in Cummins during the 2nd quarter worth $29,000. Prospera Private Wealth LLC acquired a new position in Cummins in the third quarter valued at $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins in the third quarter valued at about $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Citigroup lifted their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Truist Financial boosted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $337.67.

Cummins Stock Performance

NYSE CMI opened at $375.04 on Monday. The business has a 50 day moving average price of $342.77 and a 200 day moving average price of $307.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a market capitalization of $51.45 billion, a P/E ratio of 24.77, a PEG ratio of 1.82 and a beta of 0.97. Cummins Inc. has a 1-year low of $223.35 and a 1-year high of $379.66.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company’s stock.

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.