RFG Advisory LLC Lowers Stock Position in Cummins Inc. (NYSE:CMI)

RFG Advisory LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,344 shares of the company’s stock after selling 155 shares during the period. RFG Advisory LLC’s holdings in Cummins were worth $985,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its holdings in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Norges Bank purchased a new stake in Cummins during the fourth quarter worth $298,867,000. International Assets Investment Management LLC boosted its holdings in Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after buying an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. purchased a new stake in Cummins during the third quarter worth $71,268,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Cummins by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after buying an additional 246,025 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $276.94 on Monday. The firm has a 50-day simple moving average of $283.40 and a 200-day simple moving average of $267.47. The stock has a market capitalization of $37.88 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. On average, equities analysts predict that Cummins Inc. will post 18.84 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s payout ratio is currently 49.19%.

Insiders Place Their Bets

In related news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Marvin Boakye bought 1,745 shares of the stock in a transaction on Monday, May 20th. The stock was bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on CMI shares. Truist Financial restated a “hold” rating and set a $319.00 price objective on shares of Cummins in a research report on Wednesday, May 15th. TD Cowen upped their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Robert W. Baird reduced their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $284.36.

Cummins 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.