Yousif Capital Management LLC Cuts Position in Cummins Inc. $CMI

Yousif Capital Management LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 9.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,658 shares of the company’s stock after selling 1,769 shares during the quarter. Yousif Capital Management LLC’s holdings in Cummins were worth $9,425,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CMI. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC raised its holdings in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares during the period. Baker Avenue Asset Management LP raised its holdings in shares of Cummins by 16.9% during the 2nd quarter. Baker Avenue Asset Management LP now owns 932 shares of the company’s stock valued at $305,000 after buying an additional 135 shares during the period. Bank of Nova Scotia raised its holdings in shares of Cummins by 10.4% during the 2nd quarter. Bank of Nova Scotia now owns 77,003 shares of the company’s stock valued at $25,218,000 after buying an additional 7,260 shares during the period. Finally, SVB Wealth LLC purchased a new stake in shares of Cummins during the 2nd quarter valued at about $790,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Barclays raised their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Truist Financial restated a “buy” rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Price Performance

Shares of NYSE CMI opened at $596.51 on Thursday. Cummins Inc. has a fifty-two week low of $262.49 and a fifty-two week high of $617.98. The business has a 50 day moving average price of $566.98 and a two-hundred day moving average price of $513.51. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The firm has a market cap of $82.41 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 1.74 and a beta of 1.14.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $5.16 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Buying and Selling

In other news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is currently owned by insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.