Cummins Inc. $CMI Shares Sold by Generali Asset Management SPA SGR

Generali Asset Management SPA SGR lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 12.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,713 shares of the company's stock after selling 824 shares during the period. Generali Asset Management SPA SGR's holdings in Cummins were worth $1,871,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Harbour Investments Inc. lifted its stake in shares of Cummins by 2.5% in the second quarter. Harbour Investments Inc. now owns 1,871 shares of the company's stock valued at $613,000 after purchasing an additional 45 shares during the period. JGP Wealth Management LLC lifted its stake in shares of Cummins by 1.8% in the second quarter. JGP Wealth Management LLC now owns 3,899 shares of the company's stock valued at $1,277,000 after purchasing an additional 68 shares during the period. Sagespring Wealth Partners LLC lifted its stake in shares of Cummins by 16.1% in the second quarter. Sagespring Wealth Partners LLC now owns 4,274 shares of the company's stock valued at $1,400,000 after purchasing an additional 593 shares during the period. Boston Trust Walden Corp lifted its stake in shares of Cummins by 105.8% in the second quarter. Boston Trust Walden Corp now owns 11,245 shares of the company's stock valued at $3,683,000 after purchasing an additional 5,780 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its stake in shares of Cummins by 5.5% in the second quarter. Wilmington Savings Fund Society FSB now owns 3,740 shares of the company's stock valued at $1,225,000 after purchasing an additional 194 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity

In other news, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robert Enright sold 1,860 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 over the last quarter. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

Shares of NYSE CMI opened at $422.34 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The company has a 50-day simple moving average of $410.61 and a 200-day simple moving average of $352.08. The company has a market cap of $58.19 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the firm earned $5.26 earnings per share. Cummins's revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins's payout ratio is 37.61%.

Analysts Set New Price Targets

Several analysts recently commented on CMI shares. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Zacks Research upgraded shares of Cummins from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $400.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday. Barclays raised their target price on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Finally, Truist Financial raised their target price on shares of Cummins from $380.00 to $434.00 and gave the company a "hold" rating in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of "Moderate Buy" and an average price target of $407.43.

Cummins Company 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.

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