Cummins Inc. (NYSE:CMI) Shares Sold by Crowley Wealth Management Inc.

Crowley Wealth Management Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 8.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,750 shares of the company’s stock after selling 240 shares during the quarter. Cummins makes up about 0.8% of Crowley Wealth Management Inc.’s holdings, making the stock its 26th largest holding. Crowley Wealth Management Inc.’s holdings in Cummins were worth $862,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BankPlus Trust Department acquired a new position in Cummins in the 4th quarter valued at $26,000. Meeder Asset Management Inc. raised its holdings in 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 acquiring an additional 52 shares during the last quarter. TCTC Holdings LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group cut Cummins from a “buy” rating to a “sell” rating and cut their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Citigroup raised their price target on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Finally, Evercore ISI cut their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. One investment 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $357.25.

Cummins Trading Up 0.3%

Shares of NYSE CMI opened at $324.40 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve 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 fifty day simple moving average of $306.95 and a 200-day simple moving average of $337.31. The stock has a market capitalization of $44.69 billion, a PE ratio of 11.52, a PEG ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted $5.08 EPS. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is currently 36.22%.

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.