Cummins Inc. (NYSE:CMI) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 46.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,648 shares of the company’s stock after selling 14,512 shares during the period. Cullinan Associates Inc.’s holdings in Cummins were worth $4,905,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. First United Bank & Trust purchased a new stake in shares of Cummins during the fourth quarter valued at $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins in the fourth quarter valued at about $26,000. Silver Oak Securities Incorporated purchased a new position in shares of Cummins in the third quarter worth about $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cummins during the fourth quarter worth about $31,000. Finally, Quarry LP boosted its position in Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CMI shares. TD Cowen raised their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Robert W. Baird lowered their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Truist Financial lowered their target price on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $287.18.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI traded down $4.65 on Tuesday, reaching $267.64. 259,819 shares of the company’s stock were exchanged, compared to its average volume of 2,067,749. The stock has a market cap of $36.61 billion, a PE ratio of 19.93, a P/E/G ratio of 1.73 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The stock’s fifty day moving average price is $282.30 and its 200-day moving average price is $269.13.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.51%. Cummins’s dividend payout ratio is presently 49.19%.

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.