Simmons Bank Has $1.82 Million Position in Cummins Inc. (NYSE:CMI)

Simmons Bank trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,814 shares of the company's stock after selling 883 shares during the period. Simmons Bank's holdings in Cummins were worth $1,822,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Northern Trust Corp increased its position 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 acquiring an additional 246,807 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cummins by 6.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after acquiring an additional 99,009 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Cummins by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock worth $552,820,000 after acquiring an additional 12,722 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of NYSE CMI traded up $2.90 during mid-day trading on Tuesday, reaching $330.75. 891,179 shares of the company were exchanged, compared to its average volume of 774,688. The company's 50-day simple moving average is $320.19 and its 200-day simple moving average is $331.24. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $45.56 billion, a P/E ratio of 16.46, a P/E/G ratio of 1.97 and a beta of 1.03. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the firm earned $5.08 earnings per share. Cummins's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio is 36.22%.

Insider Buying and Selling

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Robert W. Baird lowered their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. The Goldman Sachs Group upgraded shares of 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 report on Tuesday, May 27th. Evercore ISI reduced their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Truist Financial reduced their target price on shares of 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 shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $358.08.

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.