Cummins Inc. $CMI Shares Sold by Harfst & Associates Inc.

Harfst & Associates Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 21.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,584 shares of the company’s stock after selling 2,081 shares during the period. Harfst & Associates Inc.’s holdings in Cummins were worth $2,484,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter worth approximately $31,000. Costello Asset Management INC purchased a new stake in shares of Cummins during the first quarter worth approximately $40,000. Wealth Preservation Advisors LLC acquired a new stake in Cummins in the first quarter valued at approximately $41,000. CNB Bank purchased a new position in Cummins in the second quarter worth approximately $43,000. Finally, Flaharty Asset Management LLC acquired a new position in Cummins during the 1st quarter worth approximately $47,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 36,410 shares of company stock worth $16,424,574. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. Argus lifted their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday. Truist Financial set a $628.00 target price on Cummins and gave the stock a “buy” rating in a research report on Monday. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price target on shares of Cummins in a report on Friday, November 7th. Finally, Barclays boosted their price objective on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 11th. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average target price of $476.75.

Cummins Stock Performance

NYSE CMI opened at $497.11 on Thursday. The business’s 50-day moving average price is $439.39 and its 200 day moving average price is $385.37. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market cap of $68.62 billion, a P/E ratio of 23.37, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $499.87.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the business posted $5.86 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

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.