LRI Investments LLC purchased a new position in Cummins Inc. (NYSE:CMI – Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 120 shares of the company’s stock, valued at approximately $35,000.
Several other institutional investors also recently modified their holdings of CMI. First United Bank & Trust bought a new stake in Cummins during the 4th quarter valued at about $25,000. Private Wealth Management Group LLC purchased a new position in Cummins during the fourth quarter valued at approximately $26,000. JNBA Financial Advisors lifted its holdings in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. DiNuzzo Private Wealth Inc. purchased a new position in Cummins during the fourth quarter valued at approximately $31,000. Finally, Godsey & Gibb Inc. purchased a new position in Cummins during the first quarter valued at approximately $38,000. 83.46% of the stock is currently owned by institutional investors.
Insider Transactions at Cummins
In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, VP Marvin Boakye bought 1,745 shares of the stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction dated Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.
Cummins Stock Performance
Shares of Cummins stock opened at $290.38 on Monday. The firm has a market capitalization of $39.72 billion, a P/E ratio of 21.26, a PEG ratio of 1.83 and a beta of 0.99. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average price of $279.25 and a 200 day moving average price of $274.93. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24.
Cummins (NYSE:CMI – Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Sell-side analysts expect that Cummins Inc. will post 18.61 EPS for the current year.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.51%. Cummins’s dividend payout ratio (DPR) is currently 49.19%.
Analyst Ratings Changes
CMI has been the topic of several recent analyst reports. TD Cowen lifted their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird dropped their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group increased their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Truist Financial dropped their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $287.18.
Check Out Our Latest Research Report on CMI
Cummins Company 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.
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