Cummins Inc. $CMI Shares Sold by Calamos Advisors LLC

Calamos Advisors LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 78.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,490 shares of the company's stock after selling 9,131 shares during the period. Calamos Advisors LLC's holdings in Cummins were worth $1,286,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in Cummins in the 2nd quarter valued at about $8,204,241,000. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter worth about $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins in the second quarter worth approximately $973,198,000. Robeco Institutional Asset Management B.V. raised its position in shares of Cummins by 6.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company's stock valued at $530,405,000 after buying an additional 62,107 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Cummins during the second quarter worth about $666,635,000. 83.46% of the stock is owned by institutional investors.

More Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: AI data-center power demand and a strong order backlog could support growth. However, supply constraints may limit the company’s ability to meet demand. Zacks article
• Neutral Sentiment: Barclays cut its price target to $600 from $675 but maintained an Overweight rating, indicating it still sees potential upside from the referenced share price. Barclays rating information
• Neutral Sentiment: Oppenheimer maintained its Hold rating, while Wells Fargo, Citigroup and Truist also reduced their price targets; the reports provided do not specify the new targets. Oppenheimer rating Wells Fargo target report Citigroup target report Truist target report
• Negative Sentiment: JPMorgan lowered its target sharply, from $600 to $465, and moved to a Neutral rating. The bank’s target is approximately in line with the referenced share price. JPMorgan rating information
• Negative Sentiment: An analysis cited cuts to fair value estimates as analysts trimmed growth and margin expectations. Truck-market weakness is another concern alongside supply constraints. Yahoo Finance article

Cummins Trading Up 3.7%

Cummins stock opened at $466.73 on Tuesday. The stock has a market cap of $64.25 billion, a P/E ratio of 19.48, a PEG ratio of 1.24 and a beta of 1.26. Cummins Inc. has a 1 year low of $443.62 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The firm's 50 day moving average price is $524.50 and its 200-day moving average price is $599.03.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, beating analysts' consensus estimates of $8.20 by $0.05. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. During the same quarter last year, the business posted $5.59 earnings per share. The business's quarterly revenue was up 13.5% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a $2.20 dividend. 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 (DPR) is presently 36.73%.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the business's stock in a transaction dated Monday, August 24th. The shares were 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 in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Truist Financial cut their price target on shares of Cummins from $779.00 to $637.00 and set a "buy" rating for the company in a research report on Friday. Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 31st. Morgan Stanley lifted their target price on shares of Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Bank of America dropped their price target on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Finally, JPMorgan Chase & Co. cut their target price on Cummins from $600.00 to $465.00 and set a "neutral" rating on the stock in a research note on Friday. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $662.18.

About Cummins

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.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.

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