Metis Global Partners LLC Sells 715 Shares of Cummins Inc. (NYSE:CMI)

Metis Global Partners LLC lessened its position in Cummins Inc. (NYSE:CMI) by 9.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,696 shares of the company’s stock after selling 715 shares during the period. Metis Global Partners LLC’s holdings in Cummins were worth $1,604,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Bison Wealth LLC grew its stake in Cummins by 3.6% during the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after purchasing an additional 42 shares during the period. KB Financial Partners LLC increased its position in shares of Cummins by 1.3% during the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after acquiring an additional 45 shares during the last quarter. Edmp Inc. boosted its position in Cummins by 0.8% in the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after purchasing an additional 46 shares during the last quarter. Ledge Wealth Management Inc. grew its stake in Cummins by 0.5% in the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after purchasing an additional 48 shares during the period. Finally, Peloton Wealth Strategists increased its position in shares of Cummins by 0.4% during the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after purchasing an additional 50 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research analyst reports. Truist Financial raised their price objective on shares of Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Citigroup increased their price objective on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. The Goldman Sachs Group boosted their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Finally, Evercore ISI boosted their price objective on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $282.55.

Cummins Stock Performance

Cummins stock opened at $287.12 on Wednesday. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm’s fifty day moving average price is $286.11 and its 200-day moving average price is $253.84. The stock has a market cap of $39.27 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 49.19%.

Insider Activity

In other Cummins news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 0.56% of the company’s stock.

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.