Cummins Inc. (NYSE:CMI) Position Increased by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,360 shares of the company’s stock after purchasing an additional 121 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Cummins were worth $22,681,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Cummins in the fourth quarter worth approximately $499,490,000. GAMMA Investing LLC grew its position in Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after acquiring an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Cummins during the 4th quarter worth $187,082,000. Vanguard Group Inc. raised its holdings in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after purchasing an additional 246,807 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CMI shares. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. 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. Citigroup increased their price objective on Cummins from $350.00 to $360.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Finally, Truist Financial decreased their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $358.08.

Cummins Stock Down 1.5%

CMI opened at $318.86 on Thursday. The business has a 50 day moving average of $313.19 and a 200-day moving average of $333.69. The stock has a market capitalization of $43.93 billion, a price-to-earnings ratio of 15.86, a P/E/G ratio of 1.95 and a beta of 1.04. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last released its 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 firm had revenue of $8.17 billion during 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% compared to the same quarter last year. During the same period in the prior year, the company earned $5.08 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed 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. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Cummins 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.