Aviance Capital Partners LLC Lowers Position in Cummins Inc. (NYSE:CMI)

Aviance Capital Partners LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 19.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,670 shares of the company’s stock after selling 400 shares during the quarter. Aviance Capital Partners LLC’s holdings in Cummins were worth $492,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Vanguard Group Inc. grew its stake in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Norges Bank bought a new position in Cummins in the 4th quarter valued at $298,867,000. International Assets Investment Management LLC grew its stake in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares during the period. iA Global Asset Management Inc. bought a new position in Cummins in the 3rd quarter valued at $71,268,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after purchasing an additional 246,025 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Robert W. Baird reduced their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Truist Financial reiterated a “hold” rating and set a $319.00 price target on shares of Cummins in a research note on Wednesday, May 15th. Raymond James assumed coverage on Cummins in a research note on Friday. They set a “market perform” rating for the company. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, TD Cowen raised their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $287.55.

Cummins Price Performance

Shares of NYSE CMI traded down $4.60 during trading hours on Monday, reaching $272.33. 60,034 shares of the stock traded hands, compared to its average volume of 2,077,378. The company has a market capitalization of $37.25 billion, a P/E ratio of 20.27, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. 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 52-week low of $212.80 and a 52-week high of $304.24. The company’s 50-day simple moving average is $282.30 and its two-hundred day simple moving average is $269.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Equities research analysts forecast that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were given a $1.68 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.47%. Cummins’s dividend payout ratio is currently 49.19%.

Insider Transactions at Cummins

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Jeffrey T. Wiltrout bought 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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.