Cummins Inc. (NYSE:CMI) Shares Purchased by World Investment Advisors

World Investment Advisors boosted its stake in Cummins Inc. (NYSE:CMI) by 157.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,280 shares of the company’s stock after acquiring an additional 1,395 shares during the period. World Investment Advisors’ holdings in Cummins were worth $715,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its position in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in shares of Cummins in the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. acquired a new stake in Cummins during the 4th quarter valued at $30,000. Olde Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in Cummins during the 4th quarter valued at $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.9%

CMI opened at $330.75 on Wednesday. The firm’s fifty day moving average is $320.95 and its two-hundred day moving average is $331.24. 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 firm has a market cap of $45.56 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 1.97 and a beta of 1.03. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $8.22 billion. During the same quarter last year, the firm earned $5.08 earnings per share. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is presently 36.22%.

Insider Activity

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of recent analyst reports. Truist Financial reduced their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Evercore ISI cut their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and dropped their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Robert W. Baird dropped their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Finally, Citigroup reiterated a “buy” rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $358.08.

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.