Birmingham Capital Management Co. Inc. AL Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Birmingham Capital Management Co. Inc. AL lowered its stake in Cummins Inc. (NYSE:CMI) by 3.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 19,560 shares of the company’s stock after selling 800 shares during the quarter. Cummins accounts for about 2.1% of Birmingham Capital Management Co. Inc. AL’s portfolio, making the stock its 16th biggest holding. Birmingham Capital Management Co. Inc. AL’s holdings in Cummins were worth $5,417,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in shares of Cummins by 1.0% during the 4th quarter. California State Teachers Retirement System now owns 216,277 shares of the company’s stock worth $51,813,000 after purchasing an additional 2,044 shares during the last quarter. Campbell & CO Investment Adviser LLC lifted its position in shares of Cummins by 80.8% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 2,318 shares of the company’s stock valued at $555,000 after acquiring an additional 1,036 shares in the last quarter. KBC Group NV boosted its stake in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after acquiring an additional 57,341 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Cummins by 54.8% during the fourth quarter. Jones Financial Companies Lllp now owns 633 shares of the company’s stock worth $152,000 after purchasing an additional 224 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Cummins by 129.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after purchasing an additional 167,485 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. Citigroup assumed coverage on shares of Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. Truist Financial raised their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Raymond James began coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Stock Up 0.8 %

Shares of NYSE:CMI opened at $326.33 on Wednesday. The company has a market capitalization of $44.64 billion, a price-to-earnings ratio of 23.89, a PEG ratio of 1.81 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $333.43. The business has a 50-day moving average price of $301.86 and a 200 day moving average price of $291.07. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.18 EPS. Sell-side analysts expect that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

About Cummins

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.