Pinnacle Associates Ltd. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,178 shares of the company’s stock after selling 28,220 shares during the quarter. Cummins makes up approximately 0.8% of Pinnacle Associates Ltd.’s investment portfolio, making the stock its 29th largest position. Pinnacle Associates Ltd. owned approximately 0.13% of Cummins worth $25,870,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CMI. Wealth Quarterback LLC purchased a new stake in shares of Cummins during the fourth quarter worth approximately $23,102,111,000. BlackRock Inc. increased its position in shares of Cummins by 1.9% during the first quarter. BlackRock Inc. now owns 12,591,114 shares of the company’s stock worth $1,703,832,000 after purchasing an additional 235,559 shares in the last quarter. State Street Corp grew its holdings in Cummins by 1.4% in the 1st quarter. State Street Corp now owns 7,194,290 shares of the company’s stock valued at $973,531,000 after buying an additional 98,214 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cummins by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,772,279 shares of the company’s stock valued at $495,306,000 after buying an additional 40,153 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its holdings in Cummins by 9.7% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 2,769,641 shares of the company’s stock valued at $495,655,000 after buying an additional 244,103 shares in the last quarter. 80.97% of the stock is owned by institutional investors and hedge funds.

CMI traded up $4.23 during mid-day trading on Wednesday, hitting $175.70. 66,502 shares of the stock were exchanged, compared to its average volume of 1,355,921. The firm’s fifty day moving average is $155.89 and its two-hundred day moving average is $161.77. Cummins Inc. has a 1-year low of $101.03 and a 1-year high of $186.73. The company has a current ratio of 1.40, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a market cap of $25.59 billion, a PE ratio of 12.94, a PEG ratio of 3.51 and a beta of 1.14.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, April 28th. The company reported $3.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.18 by $1.00. Cummins had a return on equity of 24.86% and a net margin of 9.34%. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the company earned $4.20 EPS. Cummins’s revenue was down 16.5% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 7.45 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a dividend of $1.311 per share. This represents a $5.24 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Thursday, May 21st. Cummins’s payout ratio is 34.82%.

CMI has been the subject of several analyst reports. Citigroup upped their target price on Cummins from $175.00 to $182.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Co upped their target price on Cummins from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Piper Sandler cut Cummins from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $195.00 to $162.00 in a report on Tuesday, May 12th. ValuEngine upgraded Cummins from a “sell” rating to a “hold” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. dropped their target price on Cummins from $170.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $169.19.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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