SFE Investment Counsel Decreases Position in Cummins Inc. $CMI

SFE Investment Counsel lowered its stake in Cummins Inc. (NYSE:CMI) by 14.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 19,353 shares of the company’s stock after selling 3,311 shares during the period. Cummins makes up approximately 1.6% of SFE Investment Counsel’s portfolio, making the stock its 17th biggest holding. SFE Investment Counsel’s holdings in Cummins were worth $10,412,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of CMI. Vanguard Group Inc. increased its stake in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after buying an additional 98,544 shares during the period. State Street Corp grew its stake in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE CMI traded up $3.54 during trading on Friday, reaching $676.93. 572,903 shares of the company traded hands, compared to its average volume of 1,073,951. The stock has a market capitalization of $93.41 billion, a PE ratio of 35.13, a P/E/G ratio of 1.65 and a beta of 1.22. The firm has a 50 day simple moving average of $679.54 and a 200-day simple moving average of $609.34. Cummins Inc. has a 52-week low of $334.70 and a 52-week high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the business earned $5.96 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Transactions at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 over the last three months. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. Wells Fargo & Company raised their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Truist Financial increased their price objective on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Barclays boosted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $738.00.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.