Sowell Financial Services LLC Invests $1.52 Million in Cummins Inc. (NYSE:CMI)

Sowell Financial Services LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the first quarter, Holdings Channel reports. The institutional investor purchased 4,847 shares of the company’s stock, valued at approximately $1,519,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Signaturefd LLC boosted its stake in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after purchasing an additional 28 shares in the last quarter. Fiduciary Trust Co boosted its position in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock valued at $856,000 after buying an additional 28 shares during the period. Mindset Wealth Management LLC boosted its position in Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company’s stock valued at $724,000 after buying an additional 35 shares during the period. Garrison Point Advisors LLC boosted its position in Cummins by 1.1% during the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company’s stock valued at $1,112,000 after buying an additional 35 shares during the period. Finally, Ascent Group LLC boosted its position in Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company’s stock valued at $494,000 after buying an additional 37 shares during the period. 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 acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director now owns 2,441 shares of the company’s stock, valued at $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Citigroup increased their price objective on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. JPMorgan Chase & Co. increased their price objective on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Morgan Stanley increased their price target on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Finally, Evercore ISI dropped their price target 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. One 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $357.25.

Cummins Trading Down 2.4%

NYSE:CMI opened at $314.72 on Wednesday. The company has a 50-day moving average price of $309.52 and a 200-day moving average price of $335.92. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The stock has a market cap of $43.36 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 1.94 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the business posted $5.08 earnings per share. Cummins’s quarterly revenue was down 2.7% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced 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 2.31%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is presently 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.