GAMMA Investing LLC Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

GAMMA Investing LLC raised its stake in Cummins Inc. (NYSE:CMI) by 38,220.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,191,385 shares of the company’s stock after purchasing an additional 1,188,276 shares during the period. GAMMA Investing LLC owned 0.86% of Cummins worth $373,428,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CMI. BankPlus Trust Department purchased a new position in Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. boosted its holdings in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $30,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $357.25.

Insider Activity

In other news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $320.84 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. 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 business has a fifty day moving average of $303.91 and a two-hundred day moving average of $339.94. The company has a market cap of $44.20 billion, a P/E ratio of 11.39, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

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

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio is currently 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.