Symphony Financial Ltd. Co. Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Symphony Financial Ltd. Co. reduced its stake in Cummins Inc. (NYSE:CMI) by 61.8% during the 1st quarter, HoldingsChannel reports. The firm owned 2,081 shares of the company’s stock after selling 3,373 shares during the period. Symphony Financial Ltd. Co.’s holdings in Cummins were worth $599,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the last quarter. Northern Trust Corp grew its stake in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock valued at $566,856,000 after purchasing an additional 99,009 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CMI. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Truist Financial decreased their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Citigroup lifted their price target on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Evercore ISI decreased their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $357.25.

Cummins Stock Performance

Shares of CMI stock opened at $316.54 on Tuesday. The stock has a fifty day moving average price of $311.69 and a 200 day moving average price of $333.86. The stock has a market cap of $43.61 billion, a PE ratio of 15.75, a P/E/G ratio of 1.89 and a beta of 1.04. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins’s revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $5.08 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.30%. Cummins’s dividend payout ratio is presently 36.22%.

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.