Cummins Inc. (NYSE:CMI) Shares Sold by Diversified Trust Co

Diversified Trust Co trimmed its stake in Cummins Inc. (NYSE:CMIFree Report) by 19.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,177 shares of the company’s stock after selling 2,273 shares during the quarter. Diversified Trust Co’s holdings in Cummins were worth $2,704,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Cummins by 13.1% during 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 during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after acquiring an additional 246,025 shares during the period. Fisher Asset Management LLC raised its holdings in Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after acquiring an additional 106,017 shares during the last quarter. Morgan Stanley lifted its stake in shares of Cummins by 2.7% during 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 during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Cummins by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after purchasing an additional 96,387 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CMI shares. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Truist Financial restated a “hold” rating and issued a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. Robert W. Baird cut their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Citigroup assumed coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $287.55.

Read Our Latest Analysis on Cummins

Insider Buying and Selling at Cummins

In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred 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 transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Down 1.7 %

Shares of NYSE:CMI opened at $272.29 on Tuesday. The company has a 50 day moving average of $282.30 and a two-hundred day moving average of $269.13. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. 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 $37.24 billion, a price-to-earnings ratio of 19.93, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, analysts forecast that Cummins Inc. will post 18.84 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.47%. Cummins’s dividend payout ratio is presently 49.19%.

Cummins Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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