QV Investors Inc. Sells 1,070 Shares of Cummins Inc. (NYSE:CMI)

QV Investors Inc. decreased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,215 shares of the company's stock after selling 1,070 shares during the quarter. QV Investors Inc.'s holdings in Cummins were worth $4,456,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. NBC Securities Inc. lifted its holdings in Cummins by 113,900.0% in the first quarter. NBC Securities Inc. now owns 1,140 shares of the company's stock worth $357,000 after buying an additional 1,139 shares during the period. American National Bank & Trust bought a new position in Cummins during the 1st quarter valued at approximately $527,000. Czech National Bank increased its position in Cummins by 6.2% during the 1st quarter. Czech National Bank now owns 31,577 shares of the company's stock valued at $9,897,000 after buying an additional 1,833 shares in the last quarter. JGP Wealth Management LLC increased its position in Cummins by 2.7% during the 1st quarter. JGP Wealth Management LLC now owns 3,831 shares of the company's stock valued at $1,201,000 after buying an additional 99 shares in the last quarter. Finally, Rhumbline Advisers increased its position in Cummins by 3.9% during the 1st quarter. Rhumbline Advisers now owns 283,522 shares of the company's stock valued at $88,867,000 after buying an additional 10,560 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Price Performance

Shares of Cummins stock traded up $2.23 during trading hours on Thursday, reaching $325.06. The company's stock had a trading volume of 173,697 shares, compared to its average volume of 799,598. The firm has a 50 day moving average price of $303.88 and a 200-day moving average price of $339.06. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. 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 has a market cap of $44.78 billion, a P/E ratio of 11.54, a P/E/G ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the company earned $5.08 earnings per share. Cummins's revenue was down 2.7% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. Cummins's dividend payout ratio is 36.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Citigroup upped their target price on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, Evercore ISI lowered their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $357.25.

Insider Activity

In other Cummins news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.41% of the company's stock.

Cummins Company 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.