Conning Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,021 shares of the company’s stock after selling 446 shares during the period. Conning Inc. owned about 0.10% of Cummins worth $35,060,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Cummins during the first quarter worth $214,000. BerganKDV Wealth Management LLC raised its stake in shares of Cummins by 2.9% in the first quarter. BerganKDV Wealth Management LLC now owns 31,438 shares of the company’s stock valued at $7,510,000 after acquiring an additional 885 shares in the last quarter. Flputnam Investment Management Co. raised its stake in shares of Cummins by 70.9% in the first quarter. Flputnam Investment Management Co. now owns 18,847 shares of the company’s stock valued at $4,502,000 after acquiring an additional 7,820 shares in the last quarter. Hazlett Burt & Watson Inc. raised its stake in shares of Cummins by 2.4% in the first quarter. Hazlett Burt & Watson Inc. now owns 2,174 shares of the company’s stock valued at $520,000 after acquiring an additional 51 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its stake in shares of Cummins by 108.3% in the first quarter. Stratos Wealth Partners LTD. now owns 2,485 shares of the company’s stock valued at $594,000 after acquiring an additional 1,292 shares in the last quarter. 82.72% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CMI has been the topic of several analyst reports. 888 reiterated a “maintains” rating on shares of Cummins in a research note on Wednesday, May 31st. VNET Group reiterated a “maintains” rating on shares of Cummins in a research note on Wednesday, May 3rd. StockNews.com began coverage on Cummins in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Cummins from $231.00 to $227.00 and set a “hold” rating on the stock in a research note on Wednesday, April 12th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $250.00.
Cummins Stock Down 1.4 %
Cummins stock traded down $3.51 during midday trading on Friday, reaching $250.98. The company’s stock had a trading volume of 140,693 shares, compared to its average volume of 1,008,062. Cummins Inc. has a fifty-two week low of $195.30 and a fifty-two week high of $261.91. The company has a quick ratio of 0.80, a current ratio of 1.29 and a debt-to-equity ratio of 0.42. The company has a market cap of $35.53 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.43 and a beta of 1.05. The business has a 50-day simple moving average of $228.60 and a 200-day simple moving average of $236.51.
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings data on Tuesday, May 2nd. The company reported $5.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.85. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.13 billion. Cummins had a return on equity of 25.94% and a net margin of 8.37%. The business’s quarterly revenue was up 32.4% compared to the same quarter last year. During the same quarter last year, the company posted $4.04 earnings per share. On average, research analysts expect that Cummins Inc. will post 19.8 earnings per share for the current fiscal year.
Cummins Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Friday, August 25th will be issued a dividend of $0.0168 per share. This represents a $0.07 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, August 24th. Cummins’s payout ratio is 35.40%.
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 New Power. 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 new parts and services, as well as remanufactured parts and engines.