Harbor Capital Advisors Inc. Cuts Position in Cummins Inc. (NYSE:CMI)

Harbor Capital Advisors Inc. decreased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 42.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,957 shares of the company's stock after selling 1,453 shares during the period. Harbor Capital Advisors Inc.'s holdings in Cummins were worth $613,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CMI. Norges Bank bought a new stake in Cummins in the 4th quarter worth about $499,490,000. GAMMA Investing LLC boosted its holdings in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after acquiring an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. lifted its position in Cummins by 1.5% during 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 during the period. Finally, Northern Trust Corp lifted its position in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CMI shares. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Evercore ISI cut their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and dropped their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Citigroup boosted their price target on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $357.25.

Cummins Price Performance

Shares of CMI traded down $7.59 during mid-day trading on Tuesday, reaching $314.72. The stock had a trading volume of 619,224 shares, compared to its average volume of 792,559. The business has a fifty day moving average of $309.52 and a 200 day moving average of $335.92. 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 firm has a market cap of $43.36 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.94 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during 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%. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.08 EPS. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio is currently 36.22%.

Insider Buying and Selling

In related news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.

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.