Hexagon Capital Partners LLC Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Hexagon Capital Partners LLC lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 45.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 116 shares of the company’s stock after selling 96 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Cummins were worth $34,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Price T Rowe Associates Inc. MD increased its position in Cummins by 3.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after buying an additional 246,025 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after buying an additional 106,017 shares during the period. Morgan Stanley grew its stake in shares of Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after acquiring an additional 96,387 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.7 %

Shares of CMI opened at $272.29 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market capitalization of $37.24 billion, a price-to-earnings ratio of 19.93, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $304.24. The business’s 50 day simple moving average is $282.30 and its 200-day simple moving average is $269.13.

Cummins (NYSE:CMI) last announced its quarterly 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). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. As a group, equities analysts expect that Cummins Inc. will post 18.84 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors 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 annualized dividend and a yield of 2.47%. Cummins’s dividend payout ratio is currently 49.19%.

Insider Buying and Selling

In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of analyst reports. Robert W. Baird reduced their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Truist Financial reissued a “hold” rating and set a $319.00 target price on shares of Cummins in a research note on Wednesday, May 15th. Finally, Raymond James began coverage on Cummins in a research note on Friday. They issued a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $287.55.

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.