First Pacific Financial Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

First Pacific Financial cut its stake in Cummins Inc. (NYSE:CMI) by 14.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,357 shares of the company’s stock after selling 588 shares during the period. First Pacific Financial’s holdings in Cummins were worth $1,052,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cummins by 2.6% during 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 buying an additional 84,112 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Northern Trust Corp boosted its stake in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after buying an additional 246,807 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 worth $566,856,000 after buying an additional 99,009 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company’s stock, valued at $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is owned by insiders.

Cummins Price Performance

Cummins stock opened at $323.99 on Wednesday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company’s fifty day moving average price is $312.43 and its 200 day moving average price is $333.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a market capitalization of $44.63 billion, a P/E ratio of 16.12, a P/E/G ratio of 1.90 and a beta of 1.04.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio is presently 36.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Citigroup boosted their price objective on shares of Cummins from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Tuesday. Robert W. Baird dropped their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $358.08.

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.