Global Financial Private Client LLC acquired a new stake in Cummins Inc. (NYSE:CMI – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,537 shares of the company’s stock, valued at approximately $827,000.
A number of other hedge funds also recently modified their holdings of CMI. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC increased its position in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Cummins during the 3rd quarter worth approximately $11,129,000. TIAA Trust National Association lifted its stake in Cummins by 836.5% in the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock valued at $14,832,000 after purchasing an additional 31,367 shares during the last quarter. Finally, Xponance Inc. boosted its position in Cummins by 14.5% in the third quarter. Xponance Inc. now owns 24,316 shares of the company’s stock valued at $10,270,000 after buying an additional 3,084 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.
Cummins Trading Down 0.7%
Shares of NYSE CMI opened at $694.12 on Thursday. The firm has a 50 day moving average price of $668.44 and a two-hundred day moving average price of $595.56. The stock has a market cap of $95.78 billion, a P/E ratio of 36.02, a price-to-earnings-growth ratio of 1.71 and a beta of 1.23. Cummins Inc. has a 52-week low of $317.74 and a 52-week high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.
Cummins Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.
Insider Activity
In other news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of research firms have weighed in on CMI. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Truist Financial set a $815.00 price objective on Cummins in a report on Wednesday, May 6th. Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $731.86.
Check Out Our Latest Report on Cummins
About Cummins
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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