Todd Asset Management LLC Cuts Position in Cummins Inc. (NYSE:CMI)

Todd Asset Management LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 148,790 shares of the company’s stock after selling 4,060 shares during the quarter. Todd Asset Management LLC owned about 0.10% of Cummins worth $35,646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bison Wealth LLC increased its stake in shares of Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after acquiring an additional 42 shares during the last quarter. KB Financial Partners LLC increased its position in shares of Cummins by 1.3% in the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after acquiring an additional 45 shares in the last quarter. Edmp Inc. raised its stake in shares of Cummins by 0.8% in the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after acquiring an additional 46 shares during the period. Ledge Wealth Management Inc. grew its holdings in Cummins by 0.5% during the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after purchasing an additional 48 shares in the last quarter. Finally, Peloton Wealth Strategists boosted its stake in Cummins by 0.4% during the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after acquiring an additional 50 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

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

Analysts Set New Price Targets

Several analysts have weighed in on CMI shares. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Citigroup lifted their price target on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Truist Financial lifted their target price on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a report on Friday. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. boosted 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 assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $282.55.

Cummins Stock Up 0.2 %

NYSE CMI traded up $0.45 during trading on Friday, hitting $280.74. The stock had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a market capitalization of $38.39 billion, a PE ratio of 20.55, a P/E/G ratio of 1.91 and a beta of 1.04. The company’s 50-day moving average price is $285.39 and its two-hundred day moving average price is $252.55.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business posted $4.52 EPS. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 18.45 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 49.19%.

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.