Valley National Advisers Inc. Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Valley National Advisers Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,326 shares of the company’s stock after selling 60 shares during the quarter. Valley National Advisers Inc.’s holdings in Cummins were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. First United Bank & Trust purchased a new position in Cummins in the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC purchased a new position in shares of Cummins in the fourth quarter worth $26,000. Silver Oak Securities Incorporated bought a new position in shares of Cummins during the third quarter worth $28,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Cummins during the fourth quarter worth $31,000. Finally, Quarry LP increased its holdings in Cummins by 258.5% in the 4th quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after acquiring an additional 106 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

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

Cummins Trading Up 1.7 %

CMI opened at $272.13 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The stock’s 50 day moving average price is $281.44 and its 200-day moving average price is $269.48. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The stock has a market cap of $37.22 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.66 and a beta of 0.99.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. On average, equities analysts forecast that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Dividend Announcement

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

Analysts Set New Price Targets

CMI has been the subject of several research reports. The Goldman Sachs Group increased their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. TD Cowen lifted their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. 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. Finally, Truist Financial lowered their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $287.18.

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.