Symphony Financial Ltd. Co. Lowers Position in Cummins Inc. (NYSE:CMI)

Symphony Financial Ltd. Co. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 61.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,081 shares of the company’s stock after selling 3,373 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Cummins were worth $599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CMI. Norges Bank purchased a new position in shares of Cummins during the 4th quarter worth $499,490,000. GAMMA Investing LLC lifted its stake in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after acquiring an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Cummins during the 4th quarter worth about $187,082,000. Vanguard Group Inc. lifted its stake in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Truist Financial decreased their target price 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 target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Evercore ISI reduced their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $357.25.

Cummins Price Performance

Shares of NYSE CMI opened at $316.54 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a market capitalization of $43.61 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. The stock’s 50-day simple moving average is $311.69 and its 200-day simple moving average is $333.86.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping 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 business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the company earned $5.08 EPS. The business’s quarterly revenue was down 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.30%. Cummins’s dividend payout ratio is presently 36.22%.

Insider Buying and Selling

In other news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

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.