Cummins Inc. $CMI Shares Sold by Burney Co.

Burney Co. reduced its stake in Cummins Inc. (NYSE:CMI) by 34.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,447 shares of the company’s stock after selling 2,299 shares during the period. Burney Co.’s holdings in Cummins were worth $2,393,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the period. State Street Corp increased its position in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC raised its stake in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Truist Financial lifted their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, UBS Group restated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Insiders Place Their Bets

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the transaction, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last quarter. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Down 2.7%

NYSE:CMI opened at $659.87 on Wednesday. The stock has a fifty day simple moving average of $677.96 and a 200 day simple moving average of $606.51. The firm has a market capitalization of $91.06 billion, a price-to-earnings ratio of 34.24, a price-to-earnings-growth ratio of 1.66 and a beta of 1.22. Cummins Inc. has a 1-year low of $328.02 and a 1-year high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company earned $5.96 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.