4,847 Shares in Cummins Inc. (NYSE:CMI) Bought by Sowell Financial Services LLC

Sowell Financial Services LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,847 shares of the company’s stock, valued at approximately $1,519,000.

Several other large investors have also added to or reduced their stakes in CMI. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its stake in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Northern Trust Corp grew its stake in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after purchasing an additional 246,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Cummins by 6.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock valued at $566,856,000 after buying an additional 99,009 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Evercore ISI reduced their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a report on Monday, May 19th. Truist Financial reduced their price target on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Robert W. Baird reduced their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $357.25.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by company insiders.

Cummins Trading Down 2.4%

NYSE CMI opened at $314.72 on Wednesday. The business’s fifty day moving average is $309.52 and its 200 day moving average is $335.92. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a market cap of $43.36 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the firm posted $5.08 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.31%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

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.