Birmingham Capital Management Co. Inc. AL Has $6.07 Million Stock Position in Cummins Inc. (NYSE:CMI)

Birmingham Capital Management Co. Inc. AL lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,760 shares of the company’s stock after selling 800 shares during the quarter. Cummins accounts for 2.2% of Birmingham Capital Management Co. Inc. AL’s investment portfolio, making the stock its 15th largest position. Birmingham Capital Management Co. Inc. AL’s holdings in Cummins were worth $6,074,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Cultivar Capital Inc. purchased a new position in Cummins in the second quarter valued at approximately $28,000. Prospera Private Wealth LLC bought a new stake in Cummins during the third quarter valued at approximately $32,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the third quarter worth $34,000. Finally, Gradient Investments LLC increased its stake in Cummins by 290.0% in the second quarter. Gradient Investments LLC now owns 156 shares of the company’s stock valued at $43,000 after acquiring an additional 116 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE CMI traded down $2.25 during midday trading on Friday, hitting $368.32. 68,942 shares of the company’s stock traded hands, compared to its average volume of 1,410,085. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock has a market capitalization of $50.53 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. The firm has a fifty day moving average of $352.47 and a 200 day moving average of $312.84.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the firm earned $4.73 EPS. The firm’s revenue was up .3% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. Cummins’s dividend payout ratio is 48.08%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a research note on Monday. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $352.85.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 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.