DB Fitzpatrick & Co Inc Lowers Position in Cummins Inc. $CMI

DB Fitzpatrick & Co Inc trimmed its stake in Cummins Inc. (NYSE:CMI) by 50.1% during the 1st quarter, Holdings Channel reports. The firm owned 987 shares of the company’s stock after selling 990 shares during the quarter. DB Fitzpatrick & Co Inc’s holdings in Cummins were worth $531,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. New York State Teachers Retirement System raised its position in shares of Cummins by 2.4% during the 1st quarter. New York State Teachers Retirement System now owns 115,532 shares of the company’s stock valued at $62,159,000 after buying an additional 2,734 shares in the last quarter. Optas LLC increased its stake in Cummins by 2.7% in the first quarter. Optas LLC now owns 1,233 shares of the company’s stock valued at $663,000 after acquiring an additional 32 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Cummins during the first quarter valued at about $15,908,000. Leonteq Securities AG lifted its stake in Cummins by 5.3% during the first quarter. Leonteq Securities AG now owns 1,015 shares of the company’s stock worth $546,000 after purchasing an additional 51 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Cummins by 76.0% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 55,445 shares of the company’s stock worth $29,831,000 after purchasing an additional 23,950 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares in the company, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Cummins Price Performance

CMI opened at $662.21 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1 year low of $325.25 and a 1 year high of $737.76. The stock’s 50 day simple moving average is $677.11 and its 200 day simple moving average is $603.19. The firm has a market cap of $91.38 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 1.67 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $5.96 earnings per share. As a group, analysts predict that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Citigroup upped their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Truist Financial upped their price objective on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $738.00.

Cummins Company 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.