Cummins Inc. (NYSE:CMI) Shares Purchased by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH boosted its stake in Cummins Inc. (NYSE:CMI) by 9.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 821 shares of the company’s stock after buying an additional 68 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Cummins were worth $257,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Stephens Inc. AR increased its position in Cummins by 9.1% in the fourth quarter. Stephens Inc. AR now owns 1,364 shares of the company’s stock worth $475,000 after buying an additional 114 shares during the period. Certuity LLC increased its position in Cummins by 11.8% in the fourth quarter. Certuity LLC now owns 709 shares of the company’s stock worth $247,000 after buying an additional 75 shares during the period. Avidian Wealth Enterprises LLC increased its holdings in shares of Cummins by 7.3% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 761 shares of the company’s stock valued at $265,000 after purchasing an additional 52 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Cummins by 320.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 37,272 shares of the company’s stock valued at $12,958,000 after purchasing an additional 28,400 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 1.7%

Shares of CMI stock opened at $319.19 on Friday. The stock has a 50-day simple moving average of $308.02 and a 200 day simple moving average of $336.91. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock has a market capitalization of $43.97 billion, a P/E ratio of 11.33, a P/E/G ratio of 2.19 and a beta of 1.04. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter last year, the business posted $5.08 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.28%. Cummins’s dividend payout ratio (DPR) is 36.22%.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley raised their price target on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Citigroup raised their price target on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday, May 12th. Finally, The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $357.25.

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.