Novare Capital Management LLC Sells 1,225 Shares of Cummins Inc. (NYSE:CMI)

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.

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

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.