Balefire LLC Sells 3,127 Shares of Cummins Inc. (NYSE:CMI)

Balefire LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 77.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 903 shares of the company's stock after selling 3,127 shares during the quarter. Balefire LLC's holdings in Cummins were worth $283,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CMI. Brighton Jones LLC increased its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of Cummins by 6.6% during the 4th quarter. Handelsbanken Fonder AB now owns 4,067 shares of the company's stock worth $1,418,000 after acquiring an additional 252 shares during the period. IFP Advisors Inc increased its holdings in Cummins by 12.9% in the 4th quarter. IFP Advisors Inc now owns 3,417 shares of the company's stock worth $1,191,000 after acquiring an additional 390 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company's stock valued at $342,244,000 after acquiring an additional 120,579 shares during the period. Finally, FourThought Financial Partners LLC bought a new stake in Cummins in the 4th quarter valued at about $269,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Evercore ISI reduced their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Citigroup reiterated a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. One investment 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $358.08.

Cummins Price Performance

Shares of NYSE CMI traded up $2.22 during midday trading on Monday, hitting $327.94. 878,899 shares of the company's stock were exchanged, compared to its average volume of 773,185. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The business's fifty day moving average price is $316.02 and its two-hundred day moving average price is $332.13. The company has a market cap of $45.18 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.96 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. Cummins's revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $5.08 earnings per share. As a group, research analysts forecast 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 was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.22%. Cummins's dividend payout ratio is presently 36.22%.

Insiders Place Their Bets

In other news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was purchased 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 approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by insiders.

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.