Cynosure Group LLC acquired a new position in Cummins Inc. (NYSE:CMI – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,127 shares of the company’s stock, valued at approximately $575,000.
Other hedge funds have also recently bought and sold shares of the company. Nicolet Advisory Services LLC raised its holdings in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC raised its holdings in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares in the last quarter. Financial Consulate Inc. raised its holdings in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after acquiring an additional 18 shares in the last quarter. ICW Investment Advisors LLC raised its holdings in shares of Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after acquiring an additional 18 shares in the last quarter. Finally, Gilbert & Cook Inc. raised its holdings in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after acquiring an additional 19 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.
Cummins Price Performance
NYSE CMI opened at $679.66 on Tuesday. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The stock’s 50-day moving average is $651.02 and its two-hundred day moving average is $585.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market cap of $93.79 billion, a P/E ratio of 35.27, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24.
Cummins Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is presently 41.52%.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the company. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Barclays increased their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Robert W. Baird set a $700.00 price objective on Cummins in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $726.14.
Check Out Our Latest Stock Report on Cummins
Insiders Place Their Bets
In other news, VP Marvin Boakye sold 3,481 shares of Cummins stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. Company insiders own 0.30% of the company’s stock.
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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