Cummins Inc. (NYSE:CMI) Stock Holdings Lifted by QRG Capital Management Inc.

QRG Capital Management Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 0.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,120 shares of the company’s stock after acquiring an additional 56 shares during the period. QRG Capital Management Inc.’s holdings in Cummins were worth $9,754,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup boosted 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. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Finally, Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $357.25.

Insider Transactions at Cummins

In related news, Director John H. Stone bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of Cummins stock opened at $322.20 on Tuesday. The firm has a fifty day simple moving average of $309.15 and a 200-day simple moving average of $336.07. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock has a market capitalization of $44.38 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping 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 business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period in the previous year, the company earned $5.08 earnings per share. Cummins’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

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.