Cummins Inc. (NYSE:CMI) Stock Position Reduced by Goelzer Investment Management Inc.

Goelzer Investment Management Inc. lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 23.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,844 shares of the company's stock after selling 855 shares during the period. Goelzer Investment Management Inc.'s holdings in Cummins were worth $891,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Cummins in the 4th quarter valued at approximately $30,000. Charles Schwab Investment Management Inc. raised its stake in Cummins by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company's stock valued at $308,303,000 after acquiring an additional 17,687 shares in the last quarter. Commerzbank Aktiengesellschaft FI bought a new stake in Cummins during the 4th quarter valued at $234,000. Finally, Assetmark Inc. grew its stake in shares of Cummins by 0.6% in the fourth quarter. Assetmark Inc. now owns 18,048 shares of the company's stock worth $6,291,000 after purchasing an additional 111 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Cummins stock traded down $1.61 during mid-day trading on Friday, hitting $331.83. The company's stock had a trading volume of 549,622 shares, compared to its average volume of 774,005. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock's fifty day moving average price is $318.77 and its two-hundred day moving average price is $331.87. The stock has a market capitalization of $45.71 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.01 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40.

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

Cummins Dividend Announcement

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

Insider Activity at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CMI shares. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Truist Financial lowered their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One investment 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 MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $358.08.

Cummins Company 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.