Corebridge Financial Inc. Sells 1,248 Shares of Cummins Inc. $CMI

Key Points

• Corebridge Financial Inc. has reduced its holdings in Cummins Inc. by 3.6%, now owning 33,516 shares valued at approximately $10.51 million.
• Vanguard Group Inc., another institutional investor, increased its stake in Cummins by 1.9%, now holding over $5.4 billion in shares.
• Analysts have raised Cummins' stock ratings, with Wolfe Research upgrading it to "outperform" and several firms increasing target prices, reflecting a positive outlook on the company's performance.

Corebridge Financial Inc. cut its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,516 shares of the company's stock after selling 1,248 shares during the period. Corebridge Financial Inc.'s holdings in Cummins were worth $10,505,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Freedom Investment Management Inc. raised its stake in shares of Cummins by 3.9% during the 1st quarter. Freedom Investment Management Inc. now owns 1,539 shares of the company's stock worth $482,000 after purchasing an additional 58 shares in the last quarter. Synovus Financial Corp raised its stake in shares of Cummins by 7.4% during the 1st quarter. Synovus Financial Corp now owns 19,213 shares of the company's stock worth $6,022,000 after purchasing an additional 1,326 shares in the last quarter. ICONIQ Capital LLC raised its stake in shares of Cummins by 32.0% during the 1st quarter. ICONIQ Capital LLC now owns 849 shares of the company's stock worth $266,000 after purchasing an additional 206 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Cummins during the 1st quarter worth about $2,792,000. Finally, Quantitative Investment Management LLC raised its stake in shares of Cummins by 102.7% in the 1st quarter. Quantitative Investment Management LLC now owns 8,552 shares of the company's stock valued at $2,680,000 after acquiring an additional 4,333 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI traded down $3.49 during trading on Monday, hitting $398.43. 593,343 shares of the stock were exchanged, compared to its average volume of 872,355. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The company has a market capitalization of $54.90 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company's fifty day simple moving average is $363.36 and its 200-day simple moving average is $335.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the firm earned $5.26 EPS. Cummins's revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 37.61%.

Analyst Ratings Changes

A number of research analysts recently weighed in on CMI shares. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial raised their price objective on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Finally, The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cummins presently has an average rating of "Hold" and a consensus price target of $370.83.

Insider Buying and Selling at Cummins

In related news, VP Robert Enright sold 1,860 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company's stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,039 shares of company stock worth $10,385,075 over the last three months. 0.41% of the stock is currently owned by insiders.

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.