Physicians Financial Services Inc. Acquires 150 Shares of Cummins Inc. (NYSE:CMI)

Physicians Financial Services Inc. raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.2% during the first quarter, HoldingsChannel reports. The fund owned 12,732 shares of the company’s stock after purchasing an additional 150 shares during the quarter. Cummins comprises about 1.3% of Physicians Financial Services Inc.’s investment portfolio, making the stock its 21st biggest holding. Physicians Financial Services Inc.’s holdings in Cummins were worth $3,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted its holdings 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 purchasing an additional 52 shares during the period. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter worth $30,000. Capital A Wealth Management LLC bought a new stake in Cummins during the fourth quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new position in Cummins during the first quarter worth about $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.1%

NYSE CMI opened at $369.28 on Monday. The firm has a market cap of $50.87 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock has a 50-day moving average of $330.38 and a 200-day moving average of $330.69. 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 (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $5.08 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, August 22nd. Cummins’s dividend payout ratio is currently 39.80%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CMI shares. Citigroup reiterated a “buy” rating and set a $360.00 price target (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Finally, Robert W. Baird upped their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. One research 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $361.92.

Insiders Place Their Bets

In other news, Director John H. Stone acquired 1,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director owned 2,441 shares of the company’s stock, valued at $810,607.28. The trade was 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. 0.41% of the stock is owned by insiders.

Cummins Company 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.