Princeton Global Asset Management LLC Lowers Position in Cummins Inc. (NYSE:CMI)

Princeton Global Asset Management LLC lessened its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 90.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 117 shares of the company's stock after selling 1,161 shares during the period. Princeton Global Asset Management LLC's holdings in Cummins were worth $37,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BankPlus Trust Department purchased a new stake in Cummins during the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the fourth quarter valued at about $27,000. Meeder Asset Management Inc. raised its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new stake in Cummins during the fourth quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Cummins during the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 1.1%

Shares of NYSE:CMI opened at $326.74 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a market cap of $45.01 billion, a PE ratio of 11.60, a P/E/G ratio of 2.19 and a beta of 1.04. 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 stock's 50-day moving average is $304.31 and its 200 day moving average is $338.38.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the business earned $5.08 EPS. Cummins's revenue was down 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.23%. Cummins's payout ratio is 36.22%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Morgan Stanley raised their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Finally, Citigroup lifted their price objective on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $357.25.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company's stock.

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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