Cummins Inc. (NYSE:CMI) Shares Bought by Legacy Advisors LLC

Legacy Advisors LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 5.4% during the 1st quarter, Holdings Channel reports. The firm owned 1,159 shares of the company’s stock after buying an additional 59 shares during the quarter. Legacy Advisors LLC’s holdings in Cummins were worth $363,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Cummins by 1.5% in the fourth 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 during the period. Geode Capital Management LLC grew its holdings in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC grew its holdings in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the period. Northern Trust Corp grew its holdings in Cummins by 15.1% in the fourth 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Cummins by 6.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock valued at $566,856,000 after purchasing an additional 99,009 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

NYSE:CMI opened at $318.86 on Thursday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $43.93 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.95 and a beta of 1.04. The stock’s fifty day moving average is $313.19 and its two-hundred day moving average is $333.69.

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

Cummins Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.28%. Cummins’s dividend payout ratio is currently 36.22%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CMI. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. JPMorgan Chase & Co. lifted 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. Finally, Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $358.08.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.41% of the company’s stock.

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.