Conning Inc. Cuts Position in Cummins Inc. (NYSE:CMI)

Conning Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 3.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 145,332 shares of the company’s stock after selling 5,105 shares during the period. Cummins makes up about 1.2% of Conning Inc.’s portfolio, making the stock its 25th largest position. Conning Inc. owned approximately 0.10% of Cummins worth $34,746,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares during the period. State Street Corp lifted its position in Cummins by 3.0% during the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock valued at $1,548,473,000 after purchasing an additional 191,776 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after purchasing an additional 173,139 shares during the last quarter. Morgan Stanley grew its position in Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after purchasing an additional 50,476 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after buying an additional 69,830 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 1.4 %

Shares of Cummins stock traded down $4.23 during trading hours on Friday, hitting $298.63. The company’s stock had a trading volume of 866,451 shares, compared to its average volume of 3,095,263. The firm has a fifty day moving average of $275.89 and a 200-day moving average of $246.28. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a market cap of $40.84 billion, a price-to-earnings ratio of 57.65, a P/E/G ratio of 2.03 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the company earned $4.52 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 in the last three months. 1.12% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. TD Cowen boosted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Truist Financial initiated coverage on shares of Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective on the stock. Citigroup boosted their target price on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Finally, TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $276.10.

Cummins 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.