Watchman Group Inc. Sells 3,841 Shares of Cummins Inc. $CMI

Watchman Group Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 42.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,315 shares of the company’s stock after selling 3,841 shares during the period. Watchman Group Inc.’s holdings in Cummins were worth $2,860,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fisher Asset Management LLC lifted its stake in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC grew its position in shares of Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after purchasing an additional 3,100 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Cummins in the third quarter worth about $11,129,000. TIAA Trust National Association increased its holdings in shares of Cummins by 836.5% in the third quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock worth $14,832,000 after purchasing an additional 31,367 shares during the last quarter. Finally, Xponance Inc. lifted its position in shares of Cummins by 14.5% in the third quarter. Xponance Inc. now owns 24,316 shares of the company’s stock worth $10,270,000 after buying an additional 3,084 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CMI shares. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Raymond James Financial increased their target price on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Truist Financial set a $815.00 target price on shares of Cummins in a report on Wednesday, May 6th. Finally, Argus boosted their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Activity

In related news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the sale, the vice president owned 8,508 shares in the company, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company’s stock.

Cummins Stock Down 0.7%

Shares of NYSE:CMI opened at $694.12 on Thursday. The company has a market cap of $95.78 billion, a price-to-earnings ratio of 36.02, a PEG ratio of 1.71 and a beta of 1.23. Cummins Inc. has a 12 month low of $317.74 and a 12 month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $668.44 and a 200 day moving average price of $595.56.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the firm posted $5.96 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

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.