Parcion Private Wealth LLC Sells 5,330 Shares of Cummins Inc. $CMI

Parcion Private Wealth LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 35.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,611 shares of the company’s stock after selling 5,330 shares during the quarter. Parcion Private Wealth LLC’s holdings in Cummins were worth $4,965,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Cummins in the second quarter valued at approximately $8,204,241,000. Bank of America Corp DE acquired a new stake in Cummins during the 2nd quarter worth $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in Cummins during the 2nd quarter worth $973,198,000. Legal & General Group Plc acquired a new stake in Cummins during the 2nd quarter worth $666,635,000. Finally, Vontobel Holding Ltd. raised its position in shares of Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock valued at $302,025,000 after acquiring an additional 546,613 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $500.75 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $426.79 and a 12-month high of $737.76. The firm has a fifty day moving average of $536.75 and a 200-day moving average of $602.02. The firm has a market capitalization of $68.93 billion, a price-to-earnings ratio of 25.59, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24.

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

Cummins Announces Dividend

The firm 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 $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is 44.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Truist Financial cut their price target on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. UBS Group reduced their price target on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Evercore decreased their price objective on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Bank of America dropped their price objective on Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $694.24.

Insider Activity at Cummins

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 transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

About Cummins

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.