7,281 Cummins Inc. $CMI Shares Sold by Eagle Rock Investment Company LLC

Eagle Rock Investment Company LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 51.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,766 shares of the company’s stock after selling 7,281 shares during the quarter. Eagle Rock Investment Company LLC’s holdings in Cummins were worth $3,495,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Valmark Advisers Inc. lifted its stake in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after purchasing an additional 16 shares during the last quarter. Guardian Partners Inc. boosted its holdings in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares in the last quarter. Legacy Financial Advisors Inc. increased its position in Cummins by 2.0% during the second quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock worth $681,000 after buying an additional 19 shares during the last quarter. Key Financial Inc increased its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the last quarter. Finally, Ariadne Wealth Management LP raised its holdings in Cummins by 5.1% during the first quarter. Ariadne Wealth Management LP now owns 415 shares of the company’s stock valued at $223,000 after buying an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of analyst reports. Truist Financial reduced their price target on Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Barclays lowered their price objective on Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a report on Monday. Morgan Stanley increased their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. cut their price objective on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. Finally, Citigroup reduced their target price on Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a report on Monday, October 12th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $703.18.

Cummins Price Performance

NYSE CMI opened at $543.28 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $549.81 and a 200 day simple moving average of $620.36. The company has a market cap of $74.79 billion, a P/E ratio of 27.76, a P/E/G ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 1 year low of $407.57 and a 1 year high of $737.76.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is 44.97%.

Cummins Profile

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.