Cookson Peirce & Co. Inc. Sells 1,673 Shares of Cummins Inc. (NYSE:CMI)

Cookson Peirce & Co. Inc. lowered its holdings in Cummins Inc. (NYSE:CMI) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 110,938 shares of the company’s stock after selling 1,673 shares during the period. Cummins makes up about 1.7% of Cookson Peirce & Co. Inc.’s portfolio, making the stock its 16th largest holding. Cookson Peirce & Co. Inc. owned approximately 0.08% of Cummins worth $34,772,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC bought a new stake in Cummins in the 4th quarter valued at about $32,000. Olde Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins in the 1st quarter valued at approximately $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $40,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.9%

CMI opened at $406.77 on Thursday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $408.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market capitalization of $56.05 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 1.94 and a beta of 1.02. The company’s 50 day moving average price is $344.43 and its two-hundred day moving average price is $332.33.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the firm posted $5.26 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is presently 34.23%.

Insiders Place Their Bets

In other news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 520 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $388.13, for a total transaction of $201,827.60. Following the completion of the sale, the vice president directly owned 15,130 shares in the company, valued at approximately $5,872,406.90. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Truist Financial boosted their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Finally, Citigroup boosted their target price on shares of Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $370.83.

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.