Cummins Inc. (NYSE:CMI) Shares Sold by Kessler Investment Group LLC

Kessler Investment Group LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 7.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,671 shares of the company’s stock after selling 130 shares during the period. Kessler Investment Group LLC’s holdings in Cummins were worth $524,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after acquiring an additional 66,887 shares during the last quarter. Northern Trust Corp boosted its stake in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cummins by 6.5% during 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 valued at $566,856,000 after acquiring an additional 99,009 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Truist Financial reduced their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Citigroup reiterated a “buy” rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday. Evercore ISI reduced their price objective on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Finally, Robert W. Baird reduced their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. One 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, the stock currently has a consensus rating of “Hold” and an average target price of $358.08.

Cummins Stock Up 0.6%

CMI stock opened at $326.06 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm’s 50-day simple moving average is $314.95 and its 200 day simple moving average is $332.93. The stock has a market cap of $44.92 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter last year, the company earned $5.08 EPS. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS 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 issued 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 dividend yield of 2.23%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

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.