Jamison Private Wealth Management Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Jamison Private Wealth Management Inc. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 9.0% in the first quarter, Holdings Channel reports. The institutional investor owned 1,092 shares of the company’s stock after purchasing an additional 90 shares during the period. Jamison Private Wealth Management Inc.’s holdings in Cummins were worth $342,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Kestra Investment Management LLC purchased a new position in Cummins in the fourth quarter worth about $43,000. Ieq Capital LLC lifted its stake in shares of Cummins by 37.4% in the fourth quarter. Ieq Capital LLC now owns 12,150 shares of the company’s stock worth $4,235,000 after buying an additional 3,310 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of Cummins by 6.6% during the fourth quarter. Handelsbanken Fonder AB now owns 4,067 shares of the company’s stock valued at $1,418,000 after buying an additional 252 shares during the last quarter. Finally, ING Groep NV grew its holdings in shares of Cummins by 34.1% during the fourth quarter. ING Groep NV now owns 19,521 shares of the company’s stock valued at $6,805,000 after buying an additional 4,963 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction dated 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 of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Down 0.1%

CMI stock opened at $314.57 on Friday. The company has a market cap of $43.33 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 1.89 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The business’s 50-day moving average is $311.12 and its two-hundred day moving average is $334.61. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

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 the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.08 EPS. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.31%. Cummins’s payout ratio is presently 36.22%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Morgan Stanley increased their price objective 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 objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and lowered their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $357.25.

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.