Cummins Inc. $CMI Stock: Knights of Columbus Asset Advisors LLC Lowers Position

Knights of Columbus Asset Advisors LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 26.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 16,776 shares of the company’s stock after selling 6,176 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in Cummins were worth $8,666,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Persistent Asset Partners Ltd bought a new position in shares of Cummins during the 2nd quarter valued at about $26,000. Balance Wealth Partners LLC bought a new stake in Cummins in the 3rd quarter worth approximately $32,000. Elevation Wealth Partners LLC lifted its position in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 22 shares during the last quarter. Latitude Advisors LLC purchased a new stake in Cummins in the third quarter worth approximately $39,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in Cummins in the third quarter worth approximately $42,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CMI shares. Citigroup reduced their price target on shares of Cummins from $630.00 to $525.00 and set a “buy” rating on the stock in a research report on Friday, November 6th. Bank of America lowered their price objective on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. CICC Research began coverage on shares of Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective for the company. Evercore decreased their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $658.29.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Down 2.7%

Shares of CMI stock opened at $454.09 on Wednesday. The business has a 50-day moving average of $522.29 and a 200 day moving average of $598.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.74 and a quick ratio of 1.13. Cummins Inc. has a 1-year low of $443.62 and a 1-year high of $737.76. The stock has a market capitalization of $62.51 billion, a PE ratio of 18.95, a P/E/G ratio of 1.24 and a beta of 1.26.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 5th. The company reported $8.25 EPS for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.89 billion. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The business’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the firm earned $5.59 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.83 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 3rd. Stockholders of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is 36.73%.

Trending Headlines about Cummins

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins unveiled its new S29 mining engine at its Chongqing plant, expanding its product offering for the mining market. The announcement could support growth, though the article details provided do not quantify its expected sales impact. Article: Cummins Unveils New S29 Mining Engine At Chongqing Engine Plant
• Positive Sentiment: AI data-center power demand and a strong order backlog are cited as growth drivers. However, supply constraints and weakness in the truck market may limit the upside. Article: Cummins After Q3: Is the Stock a Buy on AI Data Center Boom?
• Neutral Sentiment: Cummins underperformed competitors on Monday despite a gain in its shares, indicating relative weakness against peers. Article: Cummins stock underperforms competitors
• Negative Sentiment: Analysts have cut fair-value estimates, citing reduced expectations for growth and margins. Barclays lowered its target from $675 to $600 but maintained an “overweight” rating; JPMorgan cut its target from $600 to $465 and kept a “neutral” rating. Wells Fargo, Citigroup and Truist also reduced their targets, adding to pressure on investor sentiment. Article: Cummins fair value cut as analysts trim growth and margin views Article: Barclays lowers Cummins price target Article: JPMorgan lowers Cummins price target

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.