Fairvoy Private Wealth LLC Sells 3,273 Shares of Cummins Inc. $CMI

Key Points

• Fairvoy Private Wealth LLC cut its Cummins stake by 28.6% in Q1, selling 3,273 shares and leaving it with 8,188 shares valued at about $4.4 million.
• Cummins reported solid quarterly results, with EPS of $6.15 beating estimates and revenue of $8.40 billion slightly ahead of expectations; revenue rose 2.7% year over year.
• Analysts remain constructive on CMI, with a consensus Moderate Buy rating and an average price target of $731.86, while the stock recently traded up 4.6% to $727.12.

Fairvoy Private Wealth LLC lowered its stake in Cummins Inc. (NYSE:CMI - Free Report) by 28.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,188 shares of the company's stock after selling 3,273 shares during the period. Cummins makes up approximately 1.1% of Fairvoy Private Wealth LLC's holdings, making the stock its 29th biggest position. Fairvoy Private Wealth LLC's holdings in Cummins were worth $4,405,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new position in Cummins during the fourth quarter valued at approximately $863,441,000. Boston Partners bought a new position in shares of Cummins in the third quarter valued at approximately $473,471,000. London Co. of Virginia acquired a new stake in shares of Cummins in the third quarter worth $231,732,000. Finally, SG Americas Securities LLC lifted its stake in shares of Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock worth $396,343,000 after buying an additional 530,812 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CMI. Sanford C. Bernstein reiterated a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Morgan Stanley boosted their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Wall Street Zen cut shares of Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Argus raised their price target on Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Finally, Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $731.86.

Cummins Trading Up 4.6%

Shares of Cummins stock opened at $727.12 on Friday. The company's fifty day simple moving average is $670.68 and its 200-day simple moving average is $597.08. The company has a market cap of $100.33 billion, a price-to-earnings ratio of 37.73, a PEG ratio of 1.70 and a beta of 1.23. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 1 year low of $319.37 and a 1 year high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins's revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.96 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins's payout ratio is presently 41.52%.

Insider Activity at Cummins

In related news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. Insiders own 0.30% of the company's stock.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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