Patton Fund Management Inc. Reduces Holdings in Cummins Inc. (NYSE:CMI)

Patton Fund Management Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 23.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,051 shares of the company's stock after selling 2,410 shares during the period. Patton Fund Management Inc.'s holdings in Cummins were worth $2,524,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CMI. Norges Bank purchased a new stake in shares of Cummins during the fourth quarter worth about $499,490,000. GAMMA Investing LLC boosted its position in Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after buying an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Cummins in the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. boosted its position in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after buying an additional 250,650 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after buying an additional 246,807 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred 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 purchase, the director now owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.41% of the company's stock.

Cummins Trading Up 0.8%

Shares of CMI stock opened at $322.20 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $44.38 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.04. The stock has a 50 day simple moving average of $309.15 and a 200-day simple moving average of $336.07. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced 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 business 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 27.12% and a net margin of 11.57%. The business's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $5.08 EPS. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is 36.22%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup upped their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Robert W. Baird dropped their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Truist Financial decreased their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI decreased their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $357.25.

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.

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