Lynch Asset Management Inc. Boosts Position in Cummins Inc. (NYSE:CMI)

Lynch Asset Management Inc. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,750 shares of the company’s stock after buying an additional 200 shares during the quarter. Cummins makes up about 2.5% of Lynch Asset Management Inc.’s investment portfolio, making the stock its 12th largest holding. Lynch Asset Management Inc.’s holdings in Cummins were worth $5,564,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. BankPlus Trust Department bought a new stake in shares of Cummins in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. lifted its position in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC acquired a new position in Cummins during the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new position in Cummins during the fourth quarter worth $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of the company’s stock in a transaction on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by insiders.

Cummins Stock Up 0.3%

NYSE CMI opened at $324.40 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The firm has a market capitalization of $44.69 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 2.19 and a beta of 1.04. The company has a fifty day moving average of $306.95 and a two-hundred day moving average of $337.31. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share 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 quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.08 earnings per share. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. Cummins’s dividend payout ratio (DPR) is 36.22%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Robert W. Baird cut their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Evercore ISI lowered their price objective on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and cut their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $357.25.

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.