Cummins Inc. (NYSE:CMI) Stake Boosted by Park Avenue Securities LLC

Park Avenue Securities LLC increased its stake in Cummins Inc. (NYSE:CMI) by 49.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,709 shares of the company’s stock after purchasing an additional 2,888 shares during the period. Park Avenue Securities LLC’s holdings in Cummins were worth $2,730,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Signaturefd LLC lifted its stake in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after buying an additional 28 shares during the last quarter. Fiduciary Trust Co increased its holdings in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after acquiring an additional 28 shares during the period. Avestar Capital LLC lifted its position in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after purchasing an additional 31 shares during the last quarter. Quent Capital LLC boosted its stake in Cummins by 5.6% during the 4th quarter. Quent Capital LLC now owns 620 shares of the company’s stock valued at $216,000 after purchasing an additional 33 shares during the period. Finally, Sapient Capital LLC boosted its stake in Cummins by 0.3% during the 4th quarter. Sapient Capital LLC now owns 13,127 shares of the company’s stock valued at $4,576,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.2%

CMI stock opened at $325.92 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a 50-day moving average of $304.43 and a two-hundred day moving average of $337.84. The stock has a market capitalization of $44.90 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 net margin of 11.57% and a return on equity of 27.12%. Cummins’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company posted $5.08 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Citigroup lifted their price objective on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $357.25.

Insider Activity at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.41% of the stock is owned by corporate 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.