Cummins Inc. (NYSE:CMI) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management trimmed its position in Cummins Inc. (NYSE:CMI) by 8.8% in the first quarter, Holdings Channel reports. The firm owned 5,727 shares of the company’s stock after selling 555 shares during the quarter. Ritholtz Wealth Management’s holdings in Cummins were worth $1,795,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CMI. Norges Bank acquired a new position in Cummins in the fourth quarter worth about $499,490,000. GAMMA Investing LLC grew its stake in Cummins by 38,220.5% in the first 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. acquired a new position in Cummins in the fourth quarter worth about $187,082,000. Vanguard Group Inc. grew its stake in Cummins by 1.5% in the fourth 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 grew its stake in Cummins by 15.1% in the fourth 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. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and cut their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Morgan Stanley raised their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $357.25.

Cummins Stock Performance

CMI opened at $322.20 on Tuesday. The business’s 50 day moving average is $309.15 and its 200-day moving average is $336.07. The stock has a market cap of $44.38 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.08 earnings per share. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued 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 2.26%. 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.