Pflug Koory LLC Trims Stake in Cummins Inc. (NYSE:CMI)

Pflug Koory LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the first quarter, HoldingsChannel reports. The firm owned 1,948 shares of the company’s stock after selling 40 shares during the period. Pflug Koory LLC’s holdings in Cummins were worth $611,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CMI. Signaturefd LLC lifted its stake in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after acquiring an additional 28 shares during the period. Fiduciary Trust Co lifted its stake in Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after acquiring an additional 28 shares during the period. Mindset Wealth Management LLC lifted its stake in Cummins by 1.7% in the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company’s stock worth $724,000 after acquiring an additional 35 shares during the period. Garrison Point Advisors LLC lifted its stake in Cummins by 1.1% in the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company’s stock worth $1,112,000 after acquiring an additional 35 shares during the period. Finally, Ascent Group LLC lifted its position in shares of Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company’s stock valued at $494,000 after buying an additional 37 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were purchased 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 of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on CMI. Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Morgan Stanley increased their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Finally, Citigroup increased their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $357.25.

Cummins Price Performance

Shares of NYSE CMI opened at $319.19 on Monday. The stock has a market capitalization of $43.97 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm’s 50 day simple moving average is $308.02 and its 200-day simple moving average is $336.44. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned $5.08 EPS. Analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.28%. Cummins’s payout ratio is 36.22%.

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.