Boston Common Asset Management LLC Sells 1,926 Shares of Cummins Inc. (NYSE:CMI)

Boston Common Asset Management LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,840 shares of the company's stock after selling 1,926 shares during the quarter. Boston Common Asset Management LLC's holdings in Cummins were worth $9,353,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. BankPlus Trust Department purchased a new stake in Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. lifted its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new stake in Cummins in the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Cummins in the 4th quarter worth approximately $30,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 1.9%

NYSE CMI traded down $6.15 during trading hours on Monday, reaching $315.33. 249,628 shares of the company's stock traded hands, compared to its average volume of 896,026. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The firm has a market cap of $43.44 billion, a PE ratio of 11.19, a PEG ratio of 2.19 and a beta of 1.02. The firm has a 50-day simple moving average of $303.91 and a 200 day simple moving average of $339.59. 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 (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. 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 company posted $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.31%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Evercore ISI cut their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Finally, Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $357.25.

Insiders Place Their Bets

In other news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.41% of the company's stock.

About Cummins

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.