Knights of Columbus Asset Advisors LLC Decreases Stock Holdings in Cummins Inc. $CMI

Key Points

• Knights of Columbus Asset Advisors cut its Cummins stake by 6.3% in the fourth quarter, selling 2,406 shares and leaving it with 35,640 shares valued at about $18.2 million.
• Cummins reported solid quarterly results, beating EPS estimates with $6.15 per share versus $5.63 expected, while revenue of $8.40 billion also slightly topped forecasts.
• Management and analysts remain active on the stock: insiders have sold shares recently, the company announced a $2.00 quarterly dividend, and Wall Street sentiment is generally positive with a “Moderate Buy” average rating and a $700.50 target price.

Knights of Columbus Asset Advisors LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 35,640 shares of the company's stock after selling 2,406 shares during the period. Cummins makes up approximately 1.0% of Knights of Columbus Asset Advisors LLC's holdings, making the stock its 15th biggest position. Knights of Columbus Asset Advisors LLC's holdings in Cummins were worth $18,192,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Thompson Investment Management Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $26,000. Activest Wealth Management boosted its holdings in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC bought a new stake in Cummins in the 4th quarter worth approximately $27,000. Ares Financial Consulting LLC bought a new stake in Cummins in the 4th quarter worth approximately $29,000. Finally, Holos Integrated Wealth LLC purchased a new stake in Cummins during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the company's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares of the company's stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 17,633 shares of company stock worth $11,653,357 in the last 90 days. Company insiders own 0.30% of the company's stock.

Cummins Trading Up 4.5%

Cummins stock opened at $668.64 on Wednesday. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08. The firm has a market capitalization of $92.27 billion, a price-to-earnings ratio of 34.70, a P/E/G ratio of 1.58 and a beta of 1.27. The firm has a 50 day moving average of $616.71 and a 200 day moving average of $566.52. 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 (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter last year, the business earned $5.96 EPS. The firm's revenue was up 2.7% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 28.93 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, May 22nd. Cummins's dividend payout ratio (DPR) is presently 41.52%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CMI shares. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. Argus set a $696.00 price objective on Cummins in a research report on Tuesday, February 10th. Raymond James Financial increased their target price on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday. Zacks Research raised Cummins from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Finally, Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $700.50.

Cummins Company 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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