Chancellor Financial Group WB LP Makes New $1.28 Million Investment in Cummins Inc. (NYSE:CMI)

Chancellor Financial Group WB LP purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 3,657 shares of the company’s stock, valued at approximately $1,275,000. Cummins accounts for about 1.0% of Chancellor Financial Group WB LP’s investment portfolio, making the stock its 20th biggest holding.

Other institutional investors also recently modified their holdings of the company. KG&L Capital Management LLC grew its holdings in Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after buying an additional 28 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after purchasing an additional 28 shares during the period. Fiduciary Trust Co raised its holdings in Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock valued at $856,000 after acquiring an additional 28 shares in the last quarter. Massachusetts Wealth Management lifted its position in shares of Cummins by 0.6% in the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after acquiring an additional 30 shares during the period. Finally, Avestar Capital LLC boosted its stake in Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after buying an additional 31 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $326.23 on Wednesday. The firm has a fifty day moving average of $304.20 and a two-hundred day moving average of $340.53. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market capitalization of $44.94 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $5.08 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s payout ratio is 36.22%.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $410.00 to $431.00 in a report on Tuesday. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and lowered their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. One equities research 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 presently has an average rating of “Hold” and an average price target of $357.25.

Insiders Place Their Bets

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction 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 in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.41% of the company’s stock.

About Cummins

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.