Birmingham Capital Management Co. Inc. AL Trims Holdings in Cummins Inc. (NYSE:CMI)

Birmingham Capital Management Co. Inc. AL reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.2% during the 4th quarter, HoldingsChannel reports. The firm owned 16,660 shares of the company’s stock after selling 2,100 shares during the period. Cummins accounts for approximately 2.2% of Birmingham Capital Management Co. Inc. AL’s investment portfolio, making the stock its 14th biggest holding. Birmingham Capital Management Co. Inc. AL’s holdings in Cummins were worth $5,808,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. grew its stake in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. TCTC Holdings LLC acquired a new position in shares of Cummins in the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the fourth quarter worth approximately $30,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 1.4%

Shares of Cummins stock opened at $317.40 on Tuesday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $43.72 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a 50-day moving average of $304.18 and a two-hundred day moving average of $340.63.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the company posted $5.08 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.29%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Activity

In other news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CMI. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Citigroup lifted their target price on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday, May 12th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Finally, UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and cut their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $352.17.

About Cummins

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.