Schechter Investment Advisors LLC Sells 780 Shares of Cummins Inc. (NYSE:CMI)

Schechter Investment Advisors LLC reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 20.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,969 shares of the company's stock after selling 780 shares during the quarter. Schechter Investment Advisors LLC's holdings in Cummins were worth $931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Norges Bank acquired a new stake in Cummins in the 4th quarter worth approximately $499,490,000. GAMMA Investing LLC lifted its holdings in Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after purchasing an additional 1,188,276 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Northern Trust Corp lifted its holdings in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research analyst reports. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Evercore ISI cut 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. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and cut their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of "Hold" and an average target price of $361.42.

Cummins Stock Up 0.4%

NYSE:CMI opened at $340.30 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The company has a market cap of $46.88 billion, a PE ratio of 16.93, a PEG ratio of 2.04 and a beta of 1.03. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The stock has a 50-day simple moving average of $324.20 and a 200 day simple moving average of $330.68.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly 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. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm 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. The business's revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. 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 2.14%. Cummins's dividend payout ratio is currently 36.22%.

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.

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