Hoylecohen LLC Sells 199 Shares of Cummins Inc. (NYSE:CMI)

Hoylecohen LLC cut its stake in Cummins Inc. (NYSE:CMI) by 2.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 8,303 shares of the company’s stock after selling 199 shares during the period. Hoylecohen LLC’s holdings in Cummins were worth $1,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of CMI. Private Advisor Group LLC boosted its holdings in shares of Cummins by 0.5% during the third quarter. Private Advisor Group LLC now owns 19,997 shares of the company’s stock worth $4,569,000 after acquiring an additional 90 shares during the period. MGO One Seven LLC increased its position in Cummins by 8.9% during the 3rd quarter. MGO One Seven LLC now owns 1,447 shares of the company’s stock worth $331,000 after buying an additional 118 shares during the period. NBC Securities Inc. bought a new position in Cummins during the 3rd quarter worth $310,000. Ieq Capital LLC boosted its position in shares of Cummins by 3.9% in the third quarter. Ieq Capital LLC now owns 4,986 shares of the company’s stock valued at $1,139,000 after acquiring an additional 187 shares during the period. Finally, Forum Financial Management LP grew its stake in shares of Cummins by 10.6% in the third quarter. Forum Financial Management LP now owns 1,440 shares of the company’s stock valued at $329,000 after acquiring an additional 138 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI traded up $1.01 during midday trading on Friday, reaching $284.91. 529,896 shares of the company were exchanged, compared to its average volume of 894,183. The stock’s 50-day moving average price is $291.16 and its 200-day moving average price is $259.74. The stock has a market cap of $38.97 billion, a P/E ratio of 20.86, a PEG ratio of 1.79 and a beta of 1.04. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. On average, sell-side analysts anticipate that Cummins Inc. will post 18.6 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Friday, May 24th will be paid a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, May 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Ratings Changes

Several brokerages have weighed in on CMI. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $254.00 to $321.00 in a report on Friday, March 15th. Truist Financial reiterated a “hold” rating and set a $319.00 price target on shares of Cummins in a research report on Wednesday, May 15th. Finally, Robert W. Baird lowered their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $284.36.

Insider Activity at Cummins

In other Cummins news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cummins news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders acquired a total of 2,589 shares of company stock worth $729,353 in the last quarter. 0.56% of the stock is owned by insiders.

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.