Summit Global Investments Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

Summit Global Investments decreased its holdings in Cummins Inc. (NYSE:CMI) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,855 shares of the company’s stock after selling 60 shares during the period. Summit Global Investments’ holdings in Cummins were worth $445,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. OFI Invest Asset Management bought a new stake in Cummins during the 3rd quarter valued at about $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins in the third quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $31,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Cummins during the 3rd quarter worth $39,000. Finally, Peoples Bank KS bought a new stake in Cummins during the 3rd quarter valued at $43,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CMI has been the topic of several research reports. Morgan Stanley initiated coverage on Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price target on the stock. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Citigroup upped their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Finally, Truist Financial lifted their price target on Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $282.55.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,289 shares of company stock valued at $13,576,838. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.2 %

Cummins stock opened at $280.74 on Monday. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The business has a fifty day moving average price of $285.39 and a 200-day moving average price of $252.92. 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 stock has a market capitalization of $38.40 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business posted $4.52 EPS. Cummins’s revenue was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 18.45 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. Cummins’s payout ratio is 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.