PFG Advisors Sells 4,105 Shares of Cummins Inc. $CMI

PFG Advisors trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 40.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,112 shares of the company’s stock after selling 4,105 shares during the period. PFG Advisors’ holdings in Cummins were worth $3,120,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CMI. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cummins by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after buying an additional 7,372 shares during the last quarter. Raymond James Financial Inc. raised its position in shares of Cummins by 4.5% during the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock valued at $640,090,000 after buying an additional 64,822 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after buying an additional 488,430 shares during the last quarter. Finally, Boston Partners acquired a new position in shares of Cummins during the third quarter valued at about $473,471,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CMI shares. Truist Financial upped their price objective on shares of Cummins from $703.00 to $730.00 and gave the company a “buy” rating in a research report on Monday. Argus set a $696.00 price objective on shares of Cummins in a research report on Tuesday, February 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research report on Friday, February 6th. Raymond James Financial upped their price objective on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $600.27.

Cummins Stock Performance

NYSE CMI opened at $638.75 on Wednesday. The stock has a market cap of $88.25 billion, a P/E ratio of 31.13, a PEG ratio of 2.01 and a beta of 1.14. The company’s 50-day simple moving average is $573.03 and its 200 day simple moving average is $526.56. Cummins Inc. has a twelve month low of $273.97 and a twelve month high of $647.00. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.16 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 26.03 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s payout ratio is presently 38.99%.

Insiders Place Their Bets

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares in the company, valued at $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 over the last 90 days. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.