Gotham Asset Management LLC Sells 6,448 Shares of Cummins Inc. (NYSE:CMI)

Gotham Asset Management LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 24.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,466 shares of the company's stock after selling 6,448 shares during the period. Gotham Asset Management LLC's holdings in Cummins were worth $7,134,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Czech National Bank raised its stake in shares of Cummins by 6.5% in the fourth quarter. Czech National Bank now owns 29,744 shares of the company's stock worth $10,369,000 after purchasing an additional 1,826 shares during the last quarter. Matrix Trust Co lifted its holdings in Cummins by 520.5% during the fourth quarter. Matrix Trust Co now owns 273 shares of the company's stock worth $95,000 after acquiring an additional 229 shares during the period. Trust Co. of Toledo NA OH lifted its holdings in Cummins by 14.3% during the fourth quarter. Trust Co. of Toledo NA OH now owns 1,218 shares of the company's stock worth $425,000 after acquiring an additional 152 shares during the period. Capital Investment Advisors LLC lifted its holdings in Cummins by 2.0% during the fourth quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company's stock worth $38,481,000 after acquiring an additional 2,211 shares during the period. Finally, Eastern Bank lifted its holdings in Cummins by 17.5% during the fourth quarter. Eastern Bank now owns 1,325 shares of the company's stock worth $462,000 after acquiring an additional 197 shares during the period. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CMI. Truist Financial dropped their price target on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Citigroup boosted their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. boosted 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. Finally, Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $354.83.

Cummins Price Performance

Cummins stock traded up $2.67 during midday trading on Friday, hitting $334.78. 782,982 shares of the company's stock were exchanged, compared to its average volume of 809,465. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The stock has a 50-day moving average price of $303.94 and a two-hundred day moving average price of $341.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market cap of $46.12 billion, a P/E ratio of 11.88, a PEG 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 the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 earnings per share. The company's revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business 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 $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.41% of the stock is currently owned by corporate insiders.

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.