DekaBank Deutsche Girozentrale Has $97.83 Million Position in Cummins Inc. (NYSE:CMI)

DekaBank Deutsche Girozentrale increased its stake in shares of Cummins Inc. (NYSE:CMI) by 5.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 316,646 shares of the company’s stock after buying an additional 16,140 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Cummins were worth $97,828,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. increased its position in Cummins by 16.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 2,136 shares of the company’s stock worth $670,000 after buying an additional 306 shares during the period. M&T Bank Corp lifted its holdings in shares of Cummins by 7.0% in the 1st quarter. M&T Bank Corp now owns 41,959 shares of the company’s stock worth $13,151,000 after purchasing an additional 2,729 shares in the last quarter. Stratos Investment Management LLC bought a new stake in Cummins during the first quarter worth $201,000. Alpha Cubed Investments LLC purchased a new position in Cummins in the first quarter worth $440,000. Finally, Gibraltar Capital Management Inc. lifted its position in shares of Cummins by 6.7% during the 1st quarter. Gibraltar Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $6,789,000 after buying an additional 1,359 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Up 0.9%

Cummins stock opened at $330.75 on Wednesday. The stock has a market capitalization 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 12-month low of $260.02 and a 12-month high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The firm has a 50 day simple moving average of $320.95 and a 200-day simple moving average of $331.24.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CMI shares. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Morgan Stanley lifted their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, Citigroup restated a “buy” rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $358.08.

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.