Birmingham Capital Management Co. Inc. AL Sells 1,600 Shares of Cummins Inc. $CMI

Birmingham Capital Management Co. Inc. AL reduced its holdings in Cummins Inc. (NYSE:CMI) by 9.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 15,060 shares of the company’s stock after selling 1,600 shares during the quarter. Cummins makes up about 1.8% of Birmingham Capital Management Co. Inc. AL’s portfolio, making the stock its 21st largest holding. Birmingham Capital Management Co. Inc. AL’s holdings in Cummins were worth $4,720,000 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 CMI. Vanguard Group Inc. increased its position in shares of Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the period. Northern Trust Corp increased its position in shares of Cummins by 1.2% during the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after buying an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after buying an additional 8,487 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Cummins by 6.5% in the fourth 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 during the period. Finally, Raymond James Financial Inc. grew its holdings in Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,039 shares of company stock valued at $10,385,075. Company insiders own 0.41% of the company’s stock.

Cummins Stock Up 2.6%

CMI opened at $404.89 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company’s 50-day moving average is $375.00 and its 200 day moving average is $336.77. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $408.38. The firm has a market capitalization of $55.79 billion, a P/E ratio of 19.04, a PEG ratio of 1.91 and a beta of 1.02.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the firm earned $5.26 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is presently 37.61%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Citigroup raised their price target on shares of Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, August 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. Truist Financial raised their price target on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $389.29.

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.