King Luther Capital Management Corp Trims Stake in Cummins Inc. (NYSE:CMI)

King Luther Capital Management Corp trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,911 shares of the company’s stock after selling 462 shares during the quarter. King Luther Capital Management Corp’s holdings in Cummins were worth $4,770,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its holdings in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after purchasing an additional 50,476 shares in the last quarter. Northern Trust Corp boosted its holdings in Cummins by 4.0% during the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after acquiring an additional 69,830 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Cummins by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after acquiring an additional 96,387 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CMI shares. Truist Financial restated a “hold” rating and set a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. Evercore ISI upped their price target on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. TheStreet lowered Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Finally, TD Cowen upped their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $284.36.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cummins news, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction 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 purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction 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 sale, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Down 0.9 %

Shares of NYSE:CMI traded down $2.56 during trading on Thursday, hitting $282.77. The stock had a trading volume of 97,141 shares, compared to its average volume of 2,339,910. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $38.68 billion, a PE ratio of 21.01, a PEG ratio of 1.80 and a beta of 1.04. The firm’s fifty day moving average is $290.55 and its 200 day moving average is $259.12. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Friday, May 24th will be paid a $1.68 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.38%. Cummins’s payout ratio is currently 49.19%.

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.