Parnassus Investments LLC Sells 11,487 Shares of Cummins Inc. $CMI

Parnassus Investments LLC cut its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 280,004 shares of the company's stock after selling 11,487 shares during the period. Parnassus Investments LLC owned 0.20% of Cummins worth $142,928,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Frank Rimerman Advisors LLC increased its stake in Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company's stock worth $1,908,000 after acquiring an additional 18 shares during the last quarter. Financial Consulate Inc. increased its stake in Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company's stock worth $64,000 after acquiring an additional 18 shares during the last quarter. ICW Investment Advisors LLC increased its stake in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock worth $369,000 after acquiring an additional 18 shares during the last quarter. Gilbert & Cook Inc. increased its stake in Cummins by 1.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company's stock worth $947,000 after acquiring an additional 19 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC increased its stake in Cummins by 2.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company's stock worth $501,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on CMI shares. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Raymond James Financial lifted their price objective on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. Evercore reaffirmed an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Wells Fargo & Company lifted their price objective on Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, Truist Financial set a $815.00 target price on Cummins in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $726.14.

Cummins Stock Performance

NYSE CMI opened at $655.61 on Friday. The company has a market cap of $90.47 billion, a P/E ratio of 34.02, a P/E/G ratio of 1.54 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The business's 50 day moving average price is $646.26 and its 200-day moving average price is $582.72. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.96 EPS. Sell-side analysts predict that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins's payout ratio is currently 41.52%.

Insider Buying and Selling

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares of the company's stock, valued at $9,652,328.56. This represents a 14.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company's stock.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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