McGlone Suttner Wealth Management Inc. Invests $234,000 in Cummins Inc. (NYSE:CMI)

McGlone Suttner Wealth Management Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 746 shares of the company’s stock, valued at approximately $234,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. boosted its position in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in shares of Cummins during the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins during the fourth quarter worth $30,000. Olde Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter worth $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth $32,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CMI shares. Citigroup restated a “buy” rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. raised 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Hold” and an average price target of $358.08.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Down 0.5%

Shares of CMI stock opened at $331.83 on Monday. 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. The firm’s fifty day moving average price is $319.53 and its two-hundred day moving average price is $331.41. The firm has a market capitalization of $45.71 billion, a P/E ratio of 16.51, a PEG ratio of 2.00 and a beta of 1.03.

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

Cummins Announces Dividend

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 dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio is presently 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.