Covestor Ltd Sells 82 Shares of Cummins Inc. (NYSE:CMI)

Covestor Ltd cut its position in Cummins Inc. (NYSE:CMI) by 19.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 341 shares of the company’s stock after selling 82 shares during the quarter. Covestor Ltd’s holdings in Cummins were worth $119,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in Cummins by 51.7% during the third quarter. Wellington Management Group LLP now owns 4,289 shares of the company’s stock worth $1,389,000 after purchasing an additional 1,462 shares during the period. Advisory Resource Group boosted its holdings in Cummins by 1.0% in the 3rd quarter. Advisory Resource Group now owns 15,328 shares of the company’s stock worth $4,963,000 after buying an additional 155 shares during the period. SkyView Investment Advisors LLC grew its stake in Cummins by 3.9% in the 3rd quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company’s stock valued at $1,727,000 after buying an additional 202 shares in the last quarter. Stock Yards Bank & Trust Co. raised its holdings in Cummins by 1.8% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company’s stock valued at $1,648,000 after acquiring an additional 88 shares during the period. Finally, Pine Valley Investments Ltd Liability Co purchased a new stake in shares of Cummins during the third quarter worth $209,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.5 %

NYSE CMI opened at $286.00 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 stock’s 50-day simple moving average is $335.61 and its two-hundred day simple moving average is $346.83. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a market capitalization of $39.40 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the company posted $4.14 EPS. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. 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 report on Tuesday, April 8th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Citigroup decreased their target price on shares of Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Finally, Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $354.17.

Cummins 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.