Cummins Inc. (NYSE:CMI) Shares Sold by Financial Management Professionals Inc.

Financial Management Professionals Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,536 shares of the company’s stock after selling 90 shares during the period. Financial Management Professionals Inc.’s holdings in Cummins were worth $453,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its position in Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after purchasing an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC acquired a new stake in Cummins in the third quarter valued at about $9,048,000. Beacon Financial Group lifted its position in Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after purchasing an additional 126 shares during the period. KBC Group NV lifted its position in Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after purchasing an additional 57,341 shares during the period. Finally, Capital Advisors Inc. OK acquired a new stake in Cummins in the fourth quarter valued at about $24,915,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Truist Financial reaffirmed a “hold” rating and issued a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. TD Cowen increased their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. The Goldman Sachs Group increased their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Raymond James initiated coverage on shares of Cummins in a report on Friday. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $287.55.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Trading Down 1.2 %

Shares of CMI opened at $276.99 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $282.30 and a 200-day simple moving average of $268.68. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The stock has a market cap of $37.89 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Equities analysts forecast that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.43%. Cummins’s payout ratio is currently 49.19%.

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.