Nisa Investment Advisors LLC Lowers Stake in Cummins Inc. (NYSE:CMI)

Nisa Investment Advisors LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 122,383 shares of the company’s stock after selling 233 shares during the quarter. Nisa Investment Advisors LLC owned approximately 0.09% of Cummins worth $38,360,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CMI. Brighton Jones LLC grew its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Cummins during the fourth quarter worth approximately $30,000. Proficio Capital Partners LLC purchased a new stake in Cummins during the fourth quarter worth approximately $204,000. Dorsey & Whitney Trust CO LLC grew its stake in Cummins by 4.8% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,411 shares of the company’s stock worth $492,000 after buying an additional 65 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Cummins during the fourth quarter worth approximately $44,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction on 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 completion of the purchase, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CMI. Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Citigroup restated a “buy” rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Robert W. Baird cut their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $358.08.

Cummins Price Performance

Shares of NYSE:CMI traded up $3.18 during trading hours on Wednesday, hitting $333.93. 14,630 shares of the company’s stock traded hands, compared to its average volume of 771,790. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The company’s fifty day simple moving average is $320.95 and its two-hundred day simple moving average is $331.24. The company has a market cap of $46.00 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 1.97 and a beta of 1.03.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the firm posted $5.08 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced 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 2.18%. Cummins’s payout ratio is 36.22%.

Cummins Company 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.