Rowlandmiller & PARTNERS.ADV Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Rowlandmiller & PARTNERS.ADV lessened its position in shares of Cummins Inc. (NYSE:CMI) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,665 shares of the company’s stock after selling 360 shares during the quarter. Cummins accounts for 1.6% of Rowlandmiller & PARTNERS.ADV’s portfolio, making the stock its 19th biggest holding. Rowlandmiller & PARTNERS.ADV’s holdings in Cummins were worth $7,418,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its stake in shares of Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after purchasing an additional 1,114 shares in the last quarter. Trueblood Wealth Management LLC purchased a new stake in Cummins in the 1st quarter worth approximately $654,000. Sanibel Captiva Trust Company Inc. increased its stake in shares of Cummins by 2.0% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 62,674 shares of the company’s stock worth $19,645,000 after purchasing an additional 1,255 shares in the last quarter. Accurate Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter worth $302,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Cummins in the first quarter worth $964,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CMI shares. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and cut their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Morgan Stanley raised their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Finally, Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $357.25.

Cummins Price Performance

Shares of Cummins stock opened at $327.08 on Wednesday. The stock has a market cap of $45.06 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a 50 day moving average price of $305.05 and a 200-day moving average price of $337.76. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.08 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the company’s stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.41% of the company’s stock.

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.