1,862 Shares in Cummins Inc. (NYSE:CMI) Bought by Intellectus Partners LLC

Intellectus Partners LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,862 shares of the company’s stock, valued at approximately $584,000.

Several other hedge funds also recently added to or reduced their stakes in CMI. BankPlus Trust Department acquired a new position in shares of Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc purchased a new position in Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. lifted its holdings in 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 purchased a new stake in Cummins in the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Cummins during the 4th quarter worth approximately $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $326.74 on Friday. 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 stock’s 50 day simple moving average is $304.31 and its 200-day simple moving average is $338.53. The company has a market cap of $45.01 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Analysts Set New Price Targets

Several research firms recently issued reports on CMI. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and decreased their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup upped their price objective 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. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Truist Financial reduced their price target on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $357.25.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The stock was bought 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. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.

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.