Symphony Financial Ltd. Co. Sells 3,373 Shares of Cummins Inc. (NYSE:CMI)

Symphony Financial Ltd. Co. trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 61.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,081 shares of the company's stock after selling 3,373 shares during the period. Symphony Financial Ltd. Co.'s holdings in Cummins were worth $599,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after acquiring an additional 83 shares during the period. Handelsbanken Fonder AB boosted its position in Cummins by 6.6% in the fourth quarter. Handelsbanken Fonder AB now owns 4,067 shares of the company's stock worth $1,418,000 after purchasing an additional 252 shares during the last quarter. Sigma Planning Corp grew its stake in shares of Cummins by 10.0% during the 4th quarter. Sigma Planning Corp now owns 2,019 shares of the company's stock valued at $704,000 after purchasing an additional 184 shares during the period. Wealthspire Advisors LLC increased its position in shares of Cummins by 6.1% during the 4th quarter. Wealthspire Advisors LLC now owns 1,887 shares of the company's stock valued at $658,000 after purchasing an additional 108 shares during the last quarter. Finally, Howard Capital Management Inc. lifted its stake in shares of Cummins by 5.4% in the 4th quarter. Howard Capital Management Inc. now owns 885 shares of the company's stock worth $309,000 after purchasing an additional 45 shares during the period. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CMI shares. UBS Group lowered shares of 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 report on Monday, April 7th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Evercore ISI reduced their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Citigroup restated a "buy" rating and issued a $360.00 price target (up previously from $350.00) on shares of Cummins in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $358.08.

Cummins Price Performance

Shares of NYSE:CMI traded up $1.86 during mid-day trading on Friday, reaching $326.06. The stock had a trading volume of 911,106 shares, compared to its average volume of 776,245. The business's 50 day moving average price is $314.05 and its 200 day moving average price is $333.29. 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 $44.92 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. 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 (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) 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 net margin of 8.20% and a return on equity of 26.88%. The firm's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.08 earnings per share. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Insiders Place Their Bets

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated 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 completion of the purchase, the director now owns 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 filing with the SEC, which is available at the SEC website. Insiders own 0.41% of the company's stock.

Cummins 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.