Verity & Verity LLC Raises Holdings in Cummins Inc. (NYSE:CMI)

Verity & Verity LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,593 shares of the company’s stock after purchasing an additional 401 shares during the quarter. Verity & Verity LLC’s holdings in Cummins were worth $11,156,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC boosted its position in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after acquiring an additional 67,266 shares in the last quarter. Fayez Sarofim & Co boosted its position in shares of Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after acquiring an additional 3,440 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after acquiring an additional 3,298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cummins by 4.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock worth $54,876,000 after acquiring an additional 6,107 shares in the last quarter. Finally, Heritage Trust Co acquired a new position in shares of Cummins during the 4th quarter worth about $1,422,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on CMI. 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. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Citigroup raised their price target on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $357.25.

Insider Activity

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.41% of the company’s stock.

Cummins Stock Up 0.3%

CMI opened at $324.40 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 business has a 50 day simple moving average of $306.95 and a 200-day simple moving average of $337.31. The stock has a market capitalization of $44.69 billion, a P/E ratio of 11.52, a P/E/G ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during 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 quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $5.08 EPS. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. Cummins’s dividend payout ratio is currently 36.22%.

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.