Novare Capital Management LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,806 shares of the company's stock after selling 1,225 shares during the period. Novare Capital Management LLC's holdings in Cummins were worth $11,536,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Cummins in the 4th quarter valued at $499,490,000. GAMMA Investing LLC lifted its stake in shares of Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Cummins in the 4th quarter valued at $187,082,000. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.5% in the 4th 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 last quarter. Finally, Northern Trust Corp lifted its stake in shares of Cummins by 15.1% in the 4th 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 last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Price Performance
NYSE CMI traded up $2.90 on Tuesday, reaching $330.75. The company's stock had a trading volume of 891,179 shares, compared to its average volume of 863,115. The firm has a market cap of $45.56 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03. The business has a 50-day moving average price of $320.19 and a 200 day moving average price of $331.24. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40.
Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 earnings per share. Sell-side analysts expect 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 paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.20%. Cummins's payout ratio is currently 36.22%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on CMI. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI cut their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of "Hold" and an average target price of $358.08.
Read Our Latest Report on Cummins
Insiders Place Their Bets
In other news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were purchased 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 owned 2,441 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by insiders.
About Cummins
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Free Report)
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.
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