First Affirmative Financial Network Reduces Stock Position in Cummins Inc. (NYSE:CMI)

First Affirmative Financial Network lessened its holdings in Cummins Inc. (NYSE:CMI) by 16.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 666 shares of the company’s stock after selling 129 shares during the quarter. First Affirmative Financial Network’s holdings in Cummins were worth $209,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CMI. Norges Bank purchased a new position in Cummins in the fourth quarter valued at $499,490,000. GAMMA Investing LLC increased its holdings in Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock valued at $373,428,000 after buying an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cummins during the fourth quarter worth about $187,082,000. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $326.74 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a market capitalization of $45.01 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The firm has a 50-day simple moving average of $304.31 and a 200-day simple moving average of $338.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s payout ratio is currently 36.22%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird dropped their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Truist Financial dropped 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. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $357.25.

Insider Activity at Cummins

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was purchased 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 approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by 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.