Cummins Inc. (NYSE:CMI) Shares Bought by MJP Associates Inc. ADV

MJP Associates Inc. ADV increased its position in shares of Cummins Inc. (NYSE:CMI) by 15.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,666 shares of the company’s stock after purchasing an additional 225 shares during the period. MJP Associates Inc. ADV’s holdings in Cummins were worth $522,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Brighton Jones LLC increased its position in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Cummins during the fourth quarter worth about $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Cummins in the 4th quarter worth approximately $204,000. AlphaQuest LLC grew its holdings in Cummins by 41,133.3% in the fourth quarter. AlphaQuest LLC now owns 1,237 shares of the company’s stock valued at $431,000 after purchasing an additional 1,234 shares during the last quarter. Finally, Independent Advisor Alliance raised its position in Cummins by 41.1% during the fourth quarter. Independent Advisor Alliance now owns 4,883 shares of the company’s stock worth $1,702,000 after acquiring an additional 1,423 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on CMI shares. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and reduced their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Evercore ISI cut their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. Citigroup restated a “buy” rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Finally, Robert W. Baird dropped their price target on shares of 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, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $358.08.

Cummins Stock Performance

Shares of CMI opened at $340.09 on Friday. 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 business’s fifty day moving average price is $322.65 and its 200 day moving average price is $331.18. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The stock has a market capitalization of $46.85 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.03.

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

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.14%. Cummins’s 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.