Atwater Malick LLC Increases Stock Position in Cummins Inc. (NYSE:CMI)

Atwater Malick LLC increased its position in Cummins Inc. (NYSE:CMI) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,013 shares of the company’s stock after acquiring an additional 320 shares during the period. Cummins comprises approximately 3.8% of Atwater Malick LLC’s holdings, making the stock its 11th largest position. Atwater Malick LLC’s holdings in Cummins were worth $11,288,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new position in Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins in the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. raised its holdings in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the last quarter. TCTC Holdings LLC purchased a new position in Cummins in the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins in the 4th quarter worth 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 a number of recent analyst reports. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Citigroup lifted their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Evercore ISI cut their target price on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Finally, The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $357.25.

Cummins Trading Down 0.0%

Shares of CMI stock opened at $322.80 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The firm has a fifty day moving average price of $304.08 and a 200-day moving average price of $338.78. 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 cap of $44.47 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 2.19 and a beta of 1.02.

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

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Insider Buying and Selling

In other news, Director John H. Stone bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by insiders.

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.