Harbor Capital Advisors Inc. Sells 1,453 Shares of Cummins Inc. (NYSE:CMI)

Harbor Capital Advisors Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 42.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,957 shares of the company’s stock after selling 1,453 shares during the period. Harbor Capital Advisors Inc.’s holdings in Cummins were worth $613,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CMI. Norges Bank bought a new stake in shares of Cummins in the 4th quarter valued at $499,490,000. GAMMA Investing LLC increased its holdings in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after purchasing an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. bought a new position in Cummins during the 4th quarter worth about $187,082,000. Vanguard Group Inc. increased its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after purchasing an additional 246,807 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, UBS Group cut Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $357.25.

Cummins Trading Down 1.7%

Shares of NYSE:CMI opened at $319.19 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a market capitalization of $43.97 billion, a P/E ratio of 11.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company has a 50-day simple moving average of $308.02 and a 200 day simple moving average of $336.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the business posted $5.08 EPS. Cummins’s revenue was down 2.7% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.28%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

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.