Princeton Global Asset Management LLC Sells 1,161 Shares of Cummins Inc. (NYSE:CMI)

Princeton Global Asset Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 90.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 117 shares of the company’s stock after selling 1,161 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Cummins were worth $37,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Cummins by 1.5% in the 4th 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after purchasing an additional 84,112 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Northern Trust Corp boosted its position in shares of Cummins by 15.1% in the 4th 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock worth $566,856,000 after purchasing an additional 99,009 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on CMI. Citigroup upped their price objective on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Morgan Stanley upped their price objective on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $357.25.

Cummins Price Performance

Shares of CMI opened at $326.74 on Friday. The firm has a market cap of $45.01 billion, a PE ratio of 11.60, a P/E/G ratio of 2.19 and a beta of 1.04. 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 firm has a fifty day simple moving average of $304.31 and a two-hundred day simple moving average of $338.38. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

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

Cummins Announces Dividend

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

Insider Transactions at Cummins

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

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.