Patton Albertson Miller Group LLC Sells 6,731 Shares of Cummins Inc. (NYSE:CMI)

Patton Albertson Miller Group LLC cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 27.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,637 shares of the company's stock after selling 6,731 shares during the quarter. Patton Albertson Miller Group LLC's holdings in Cummins were worth $5,528,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Retirement Planning Co of New England Inc. acquired a new position in shares of Cummins in the 1st quarter valued at approximately $313,000. Forte Capital LLC ADV grew its position in shares of Cummins by 21.0% in the 1st quarter. Forte Capital LLC ADV now owns 9,335 shares of the company's stock valued at $2,926,000 after purchasing an additional 1,620 shares during the period. Bailard Inc. grew its position in shares of Cummins by 1.6% in the 1st quarter. Bailard Inc. now owns 56,863 shares of the company's stock valued at $17,823,000 after purchasing an additional 917 shares during the period. Ascent Wealth Partners LLC grew its position in shares of Cummins by 9.9% in the 1st quarter. Ascent Wealth Partners LLC now owns 20,479 shares of the company's stock valued at $6,419,000 after purchasing an additional 1,844 shares during the period. Finally, Hudock Inc. grew its position in shares of Cummins by 16.0% in the 1st quarter. Hudock Inc. now owns 796 shares of the company's stock valued at $250,000 after purchasing an additional 110 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 0.8%

NYSE CMI opened at $348.18 on Friday. The company has a market cap of $47.96 billion, a PE ratio of 17.32, a PEG ratio of 2.07 and a beta of 1.03. 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 Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock has a 50 day moving average of $326.85 and a 200-day moving average of $330.86.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating 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 return on equity of 26.88% and a net margin of 8.20%. The firm's revenue for the quarter 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. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is presently 36.22%.

Insider Buying and Selling

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Citigroup reaffirmed a "buy" rating and set a $360.00 price target (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Evercore ISI reduced their price target on 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 reduced their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $361.42.

Cummins 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.

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