Park Avenue Securities LLC Sells 188 Shares of Cummins Inc. (NYSE:CMI)

Park Avenue Securities LLC cut its stake in Cummins Inc. (NYSE:CMI) by 4.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 4,427 shares of the company’s stock after selling 188 shares during the quarter. Park Avenue Securities LLC’s holdings in Cummins were worth $1,304,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. First United Bank & Trust purchased a new stake in Cummins in the fourth quarter worth about $25,000. Private Wealth Management Group LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $26,000. Silver Oak Securities Incorporated purchased a new position in shares of Cummins during the third quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $31,000. Finally, Quarry LP lifted its holdings in shares of Cummins by 258.5% during the fourth quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after purchasing an additional 106 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction dated 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 $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of CMI opened at $283.96 on Tuesday. The firm has a market cap of $38.84 billion, a PE ratio of 20.79, a P/E/G ratio of 1.73 and a beta of 1.02. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $283.16 and a two-hundred day simple moving average of $267.84. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24.

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

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a $1.68 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.37%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CMI shares. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Truist Financial reaffirmed a “hold” rating and issued a $319.00 price objective on shares of Cummins in a research report on Wednesday, May 15th. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, Robert W. Baird lowered their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target 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.