Cummins Inc. (NYSE:CMI) Shares Sold by Colonial River Investments LLC

Colonial River Investments LLC lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 44.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,094 shares of the company's stock after selling 880 shares during the period. Colonial River Investments LLC's holdings in Cummins were worth $343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC purchased a new position in shares of Cummins during the fourth quarter worth approximately $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Cummins in the 4th quarter valued at $30,000. Capital A Wealth Management LLC purchased a new stake in Cummins in the 4th quarter valued at $32,000. Finally, Providence First Trust Co purchased a new stake in Cummins in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Up 0.6%

Cummins stock opened at $326.06 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a market cap of $44.92 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. The stock's 50 day moving average price is $314.95 and its 200 day moving average price is $332.67.

Cummins (NYSE:CMI - Get Free Report) last released its 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 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter last year, the company earned $5.08 earnings per share. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders 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 annualized dividend and a yield of 2.23%. Cummins's payout ratio is currently 36.22%.

Analyst Ratings Changes

CMI has been the topic of several research reports. Morgan Stanley raised their price objective 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 reissued a "buy" rating and set a $360.00 price target (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Robert W. Baird decreased their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $358.08.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction 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 acquisition, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins 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.

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