Sunbelt Securities Inc. Sells 834 Shares of Cummins Inc. (NYSE:CMI)

Sunbelt Securities Inc. lessened its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 17.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,841 shares of the company's stock after selling 834 shares during the quarter. Sunbelt Securities Inc.'s holdings in Cummins were worth $1,204,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CMI. Meeder Asset Management Inc. lifted its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC acquired a new position in Cummins in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new position in Cummins in the fourth quarter valued at about $30,000. Capital A Wealth Management LLC acquired a new position in Cummins in the fourth quarter valued at about $32,000. Finally, Providence First Trust Co acquired a new position in Cummins in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on CMI. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. 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, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $358.08.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Up 0.6%

Shares of CMI traded up $1.86 on Friday, reaching $326.06. The company's stock had a trading volume of 911,106 shares, compared to its average volume of 776,245. 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 twelve month low of $260.02 and a twelve month high of $387.90. The stock has a market capitalization of $44.92 billion, a PE ratio of 16.22, a PEG ratio of 1.95 and a beta of 1.04. The firm has a fifty day moving average of $314.95 and a 200-day moving average of $332.93.

Cummins (NYSE:CMI - Get Free Report) last posted 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 firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the business posted $5.08 EPS. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared 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. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. Cummins's payout ratio is currently 36.22%.

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.