Cummins Inc. (NYSE:CMI) Stake Lessened by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI lowered its holdings in Cummins Inc. (NYSE:CMI) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,730 shares of the company’s stock after selling 435 shares during the period. Citizens Financial Group Inc. RI’s holdings in Cummins were worth $7,362,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Balentine LLC lifted its holdings in shares of Cummins by 3.3% in the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after purchasing an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after purchasing an additional 3,866 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC purchased a new stake in shares of Cummins in the third quarter valued at $9,048,000. Capital Advisors Inc. OK purchased a new stake in shares of Cummins in the fourth quarter valued at $24,915,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Cummins by 227.6% in the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after purchasing an additional 16,869 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.2 %

Cummins stock opened at $291.14 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company has a market capitalization of $39.82 billion, a price-to-earnings ratio of 56.20, a PEG ratio of 1.98 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The company’s fifty day moving average price is $283.34 and its two-hundred day moving average price is $250.77.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $4.52 earnings per share. On average, analysts forecast that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Insider Activity

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the sale, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CMI shares. Morgan Stanley initiated coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price for the company. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Finally, Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $279.70.

About Cummins

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.