St. Johns Investment Management Company LLC Decreases Stock Position in Cummins Inc. (NYSE:CMI)

St. Johns Investment Management Company LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,892 shares of the company’s stock after selling 170 shares during the period. St. Johns Investment Management Company LLC’s holdings in Cummins were worth $1,533,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Norges Bank purchased a new stake in Cummins during the 4th quarter valued at $499,490,000. GAMMA Investing LLC raised its holdings in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock valued at $373,428,000 after buying an additional 1,188,276 shares during the period. Raymond James Financial Inc. purchased a new stake in Cummins during the 4th quarter valued at $187,082,000. Vanguard Group Inc. raised its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares during the period. Finally, Northern Trust Corp raised its holdings in Cummins by 15.1% during the 4th 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 period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several recent research reports. Morgan Stanley increased their price target on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Citigroup increased their target price on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. 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. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $357.25.

Cummins Price Performance

CMI opened at $316.54 on Tuesday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The business’s fifty day simple moving average is $311.69 and its 200-day simple moving average is $333.86. The company has a market capitalization of $43.61 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 1.89 and a beta of 1.04.

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

Cummins Dividend Announcement

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