Optas LLC Raises Holdings in Cummins Inc. (NYSE:CMI)

Optas LLC boosted its position in Cummins Inc. (NYSE:CMI) by 15.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 749 shares of the company’s stock after purchasing an additional 98 shares during the quarter. Optas LLC’s holdings in Cummins were worth $235,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter worth $26,000. Meeder Asset Management Inc. lifted its stake in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares in the last quarter. TCTC Holdings LLC acquired a new position in Cummins during the fourth quarter worth about $28,000. SBI Securities Co. Ltd. purchased a new stake in Cummins during the 4th quarter valued at about $30,000. Finally, Capital A Wealth Management LLC purchased a new stake in Cummins during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CMI. Citigroup raised their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Evercore ISI lowered their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and raised their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Truist Financial reduced 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $357.25.

Cummins Price Performance

NYSE:CMI opened at $319.19 on Monday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The stock’s fifty day moving average is $308.02 and its two-hundred day moving average is $336.44. The company 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 issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period in the previous year, the firm earned $5.08 EPS. Cummins’s revenue was down 2.7% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Insider Transactions at Cummins

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