Watchman Group Inc. Trims Stock Holdings in Cummins Inc. $CMI

Watchman Group Inc. reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 42.0% in the first quarter, Holdings Channel.com reports. The fund owned 5,315 shares of the company’s stock after selling 3,841 shares during the quarter. Watchman Group Inc.’s holdings in Cummins were worth $2,860,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its stake in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Norges Bank bought a new stake in shares of Cummins during the fourth quarter worth $863,441,000. Boston Partners purchased a new stake in shares of Cummins during the third quarter valued at $473,471,000. London Co. of Virginia bought a new position in shares of Cummins in the third quarter worth about $231,732,000. Finally, SG Americas Securities LLC grew its holdings in shares of Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $694.12 on Thursday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock’s fifty day moving average price is $668.44 and its 200-day moving average price is $595.56. The firm has a market cap of $95.78 billion, a P/E ratio of 36.02, a P/E/G ratio of 1.71 and a beta of 1.23. Cummins Inc. has a 12 month low of $317.74 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the firm earned $5.96 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial set a $815.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Morgan Stanley raised their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Insider Activity

In other news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by corporate insiders.

Cummins 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.