Tealwood Asset Management Inc. Sells 94 Shares of Cummins Inc. (NYSE:CMI)

Tealwood Asset Management Inc. decreased its position in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 8,653 shares of the company’s stock after selling 94 shares during the quarter. Cummins makes up approximately 1.3% of Tealwood Asset Management Inc.’s portfolio, making the stock its 13th largest position. Tealwood Asset Management Inc.’s holdings in Cummins were worth $2,712,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. BankPlus Trust Department bought a new position in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the fourth quarter worth $27,000. Meeder Asset Management Inc. increased 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 worth $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in Cummins in the fourth quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Cummins in the fourth quarter valued at about $30,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $326.74 on Friday. The business’s 50-day moving average price is $304.31 and its 200-day moving average price is $338.53. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm has a market capitalization of $45.01 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 2.19 and a beta of 1.04. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the firm posted $5.08 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CMI shares. Evercore ISI reduced their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and reduced their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup raised their price objective on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Robert W. Baird reduced their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $357.25.

Insider Buying and Selling

In related news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.41% of the stock is owned by insiders.

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.