Bessemer Group Inc. Sells 6,856 Shares of Cummins Inc. (NYSE:CMI)

Bessemer Group Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 46.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,810 shares of the company's stock after selling 6,856 shares during the period. Bessemer Group Inc.'s holdings in Cummins were worth $2,447,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Daymark Wealth Partners LLC increased its stake in shares of Cummins by 11.4% during the first quarter. Daymark Wealth Partners LLC now owns 7,681 shares of the company's stock worth $2,407,000 after purchasing an additional 787 shares during the period. Golden State Equity Partners increased its stake in Cummins by 7.5% during the 1st quarter. Golden State Equity Partners now owns 1,976 shares of the company's stock worth $619,000 after acquiring an additional 138 shares during the period. Field & Main Bank increased its stake in Cummins by 2.4% during the 1st quarter. Field & Main Bank now owns 2,558 shares of the company's stock worth $802,000 after acquiring an additional 60 shares during the period. International Assets Investment Management LLC increased its stake in Cummins by 31.5% during the 1st quarter. International Assets Investment Management LLC now owns 2,749 shares of the company's stock worth $862,000 after acquiring an additional 658 shares during the period. Finally, Berry Wealth Group LP increased its stake in Cummins by 729.8% during the 1st quarter. Berry Wealth Group LP now owns 5,344 shares of the company's stock worth $1,675,000 after acquiring an additional 4,700 shares during the period. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In other news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Citigroup restated a "buy" rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research note on Tuesday. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Cummins presently has an average rating of "Hold" and an average price target of $358.08.

Cummins Stock Performance

Shares of CMI opened at $326.06 on Friday. 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 stock has a 50 day moving average price of $314.95 and a two-hundred day moving average price of $332.93. The firm has a market capitalization of $44.92 billion, a P/E ratio of 16.22, a P/E/G ratio of 1.95 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.08 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share 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 dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. Cummins's dividend payout ratio is currently 36.22%.

Cummins 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.

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