HBK Sorce Advisory LLC Sells 149 Shares of Cummins Inc. (NYSE:CMI)

HBK Sorce Advisory LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,520 shares of the company’s stock after selling 149 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Cummins were worth $1,103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its holdings in shares of Cummins by 117.5% during the 1st quarter. Golden State Wealth Management LLC now owns 2,214 shares of the company’s stock worth $694,000 after purchasing an additional 1,196 shares in the last quarter. Daymark Wealth Partners LLC boosted its stake in Cummins by 11.4% during the first quarter. Daymark Wealth Partners LLC now owns 7,681 shares of the company’s stock worth $2,407,000 after buying an additional 787 shares in the last quarter. Golden State Equity Partners boosted its stake in Cummins by 7.5% during the first quarter. Golden State Equity Partners now owns 1,976 shares of the company’s stock worth $619,000 after buying an additional 138 shares in the last quarter. Field & Main Bank increased its holdings in Cummins by 2.4% in the 1st quarter. Field & Main Bank now owns 2,558 shares of the company’s stock valued at $802,000 after buying an additional 60 shares during the period. Finally, International Assets Investment Management LLC raised its stake in shares of Cummins by 31.5% in the 1st quarter. International Assets Investment Management LLC now owns 2,749 shares of the company’s stock valued at $862,000 after buying an additional 658 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several recent research reports. Robert W. Baird decreased their target price on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Evercore ISI decreased 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. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Finally, Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $358.08.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction that occurred on 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 purchase, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

Cummins Stock Down 1.5%

Shares of NYSE:CMI opened at $318.86 on Thursday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The firm has a market cap of $43.93 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.95 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company’s 50-day moving average price is $313.19 and its two-hundred day moving average price is $333.69.

Cummins (NYSE:CMI) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. Cummins’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.08 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders 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 2.28%. Cummins’s payout ratio is 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.