Birmingham Capital Management Co. Inc. AL Trims Stake in Cummins Inc. (NYSE:CMI)

Birmingham Capital Management Co. Inc. AL lessened its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 11.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,660 shares of the company's stock after selling 2,100 shares during the quarter. Cummins makes up 2.2% of Birmingham Capital Management Co. Inc. AL's holdings, making the stock its 14th largest holding. Birmingham Capital Management Co. Inc. AL's holdings in Cummins were worth $5,808,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Cummins during the 4th quarter worth $499,490,000. Raymond James Financial Inc. bought a new position in shares of Cummins during the 4th quarter worth $187,082,000. Vanguard Group Inc. grew its position in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Northern Trust Corp grew its position in shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its position in shares of Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction dated 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 now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CMI shares. Robert W. Baird dropped their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley upped their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $410.00 to $431.00 in a research note on Tuesday. Finally, Citigroup upped their price objective on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $357.25.

Cummins Stock Down 1.2%

Cummins stock traded down $4.02 during midday trading on Friday, reaching $320.84. The company's stock had a trading volume of 1,489,393 shares, compared to its average volume of 805,462. The stock's 50-day simple moving average is $303.91 and its 200-day simple moving average is $339.94. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The stock has a market capitalization of $44.20 billion, a P/E ratio of 11.39, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period last year, the business posted $5.08 earnings per share. The firm's revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 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.