Cummins Inc. (NYSE:CMI) Shares Sold by PFG Investments LLC

PFG Investments LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 31.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,593 shares of the company’s stock after selling 723 shares during the period. PFG Investments LLC’s holdings in Cummins were worth $469,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. OFI Invest Asset Management acquired a new position in shares of Cummins during the 3rd quarter worth approximately $25,000. First United Bank & Trust purchased a new stake in Cummins in the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC purchased a new stake in Cummins in the 4th quarter worth approximately $26,000. Silver Oak Securities Incorporated purchased a new stake in Cummins in the 3rd quarter worth approximately $28,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Cummins in the 4th quarter worth approximately $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price for the company. TD Cowen lifted their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective for the company. Finally, Evercore ISI boosted their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $279.70.

Cummins Stock Down 3.7 %

Shares of NYSE:CMI traded down $10.99 during midday trading on Tuesday, hitting $282.66. 1,212,230 shares of the company’s stock traded hands, compared to its average volume of 2,643,755. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The company has a market cap of $38.66 billion, a PE ratio of 54.57, a P/E/G ratio of 1.98 and a beta of 1.04. The firm’s fifty day moving average price is $284.29 and its two-hundred day moving average price is $251.77. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.52 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 18.34 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.38%. Cummins’s payout ratio is 129.73%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

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.