DDD Partners LLC Sells 5,648 Shares of Cummins Inc. (NYSE:CMI)

DDD Partners LLC reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 8.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,212 shares of the company's stock after selling 5,648 shares during the quarter. Cummins accounts for about 2.3% of DDD Partners LLC's holdings, making the stock its 18th largest holding. DDD Partners LLC's holdings in Cummins were worth $18,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC purchased a new stake in Cummins during the 4th quarter valued at about $28,000. Olde Wealth Management LLC purchased a new stake in Cummins during the 1st quarter valued at about $30,000. Capital A Wealth Management LLC purchased a new stake in Cummins during the 4th quarter valued at about $32,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Cummins during the 1st quarter valued at about $37,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Up 1.1%

Shares of CMI traded up $3.77 on Wednesday, reaching $345.71. The stock had a trading volume of 977,286 shares, compared to its average volume of 777,737. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The firm has a market capitalization of $47.62 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The company has a 50-day simple moving average of $325.06 and a 200-day simple moving average of $330.76.

Cummins (NYSE:CMI - Get Free Report) last released its 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 firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company's revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.08 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is 36.22%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Evercore ISI dropped their target price 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 increased their target price on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Citigroup restated a "buy" rating and set a $360.00 target price (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $361.42.

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.