Cummins Inc. (NYSE:CMI) Shares Sold by Simmons Bank

Simmons Bank trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 13.2% during the first quarter, according to the company in its most recent 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 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CMI. FMR LLC boosted its holdings in shares of Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after acquiring an additional 67,266 shares in the last quarter. Fayez Sarofim & Co lifted its position in Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI boosted its holdings in Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Heritage Trust Co acquired a new position in Cummins during the 4th quarter worth approximately $1,422,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 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 at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CMI. Evercore ISI reduced their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Robert W. Baird cut 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. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley upped their price target 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. 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 assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus price target of $358.08.

Cummins Price Performance

Shares of Cummins stock traded down $1.61 during trading on Friday, hitting $331.83. 549,622 shares of the company were exchanged, compared to its average volume of 774,012. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. 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 firm has a 50 day moving average price of $319.53 and a 200 day moving average price of $331.54. The stock has a market capitalization of $45.71 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 2.00 and a beta of 1.03.

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

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. Cummins's dividend payout ratio (DPR) is 36.22%.

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.