Brown Advisory Inc. Sells 126,842 Shares of Cummins Inc. (NYSE:CMI)

Brown Advisory Inc. lessened its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 67.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 60,302 shares of the company's stock after selling 126,842 shares during the period. Brown Advisory Inc.'s holdings in Cummins were worth $18,901,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CMI. FMR LLC raised its position in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after acquiring an additional 67,266 shares during the period. Fayez Sarofim & Co raised its holdings in Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI raised its holdings in Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after purchasing an additional 3,298 shares during the period. Assenagon Asset Management S.A. lifted its position in Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Heritage Trust Co bought a new stake in Cummins during the fourth quarter valued at about $1,422,000. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were bought 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 directly owned 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of CMI traded down $1.28 during midday trading on Friday, hitting $338.75. 632,089 shares of the company traded hands, compared to its average volume of 775,520. The stock has a market cap of $46.67 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 2.05 and a beta of 1.03. The firm has a 50 day moving average of $323.43 and a 200-day moving average of $331.08. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. 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 announced 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. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $5.08 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.15%. Cummins's dividend payout ratio is currently 36.22%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CMI. Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Truist Financial lowered their price target 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. Morgan Stanley upped their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Citigroup restated a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Finally, UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Cummins presently has a consensus rating of "Hold" and an average target price of $361.42.

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.