Franklin Street Advisors Inc. NC Reduces Stake in Cummins Inc. (NYSE:CMI)

Franklin Street Advisors Inc. NC lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,240 shares of the company's stock after selling 828 shares during the period. Franklin Street Advisors Inc. NC's holdings in Cummins were worth $10,105,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Cummins in the fourth quarter valued at about $499,490,000. GAMMA Investing LLC boosted its holdings in Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after acquiring an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Cummins in the fourth quarter worth about $187,082,000. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Price Performance

Shares of Cummins stock traded down $5.55 on Friday, reaching $319.19. The company's stock had a trading volume of 553,606 shares, compared to its average volume of 793,902. The company has a market capitalization of $43.97 billion, a P/E ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The stock has a 50-day moving average price of $308.02 and a 200-day moving average price of $336.91. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business's revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.08 earnings per share. Analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is 36.22%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CMI shares. Citigroup lifted their target price on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, May 12th. JPMorgan Chase & Co. lifted their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Truist Financial decreased their target price on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Finally, Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $357.25.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.41% of the stock is owned by corporate 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.