4,395 Shares in Cummins Inc. (NYSE:CMI) Bought by Cim LLC

Cim LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,395 shares of the company’s stock, valued at approximately $1,532,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. BankPlus Trust Department bought a new position in Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter valued at $27,000. Meeder Asset Management Inc. lifted its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new position in Cummins during the fourth quarter valued at $28,000. Finally, SBI Securities Co. Ltd. bought a new position in Cummins during the fourth quarter valued at $30,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost 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 represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup increased their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $352.17.

Cummins Stock Performance

CMI stock opened at $317.40 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $43.72 billion, a P/E ratio of 11.27, a PEG ratio of 2.19 and a beta of 1.02. The business has a 50-day moving average price of $304.18 and a 200 day moving average price of $340.63. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last posted its 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. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.08 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is 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.