Cummins Inc. (NYSE:CMI) Shares Sold by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC cut its stake in Cummins Inc. (NYSE:CMI) by 61.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 730 shares of the company’s stock after selling 1,149 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Cummins were worth $255,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc purchased a new position in Cummins in the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Up 0.3 %

CMI opened at $281.37 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a market cap of $38.76 billion, a P/E ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business has a fifty day simple moving average of $328.65 and a 200-day simple moving average of $345.57.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the business posted $4.14 EPS. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Truist Financial cut their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. reduced their target price on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Evercore ISI increased their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Morgan Stanley reduced their price target on shares of Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, UBS Group lowered Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $346.00.

Cummins Company 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.