Retirement Planning Co of New England Inc. acquired a new stake in Cummins Inc. (NYSE:CMI – Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,000 shares of the company’s stock, valued at approximately $313,000.
Several other large investors have also recently made changes to their positions in CMI. Vanguard Group Inc. lifted its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its stake in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Northern Trust Corp increased its holdings in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock valued at $566,856,000 after purchasing an additional 99,009 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cummins by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company’s stock worth $552,820,000 after purchasing an additional 12,722 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.
Cummins Trading Up 0.8%
Cummins stock opened at $348.18 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The business’s fifty day simple moving average is $326.85 and its two-hundred day simple moving average is $330.86. The company has a market capitalization of $47.96 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 2.07 and a beta of 1.03.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, August 22nd. Cummins’s dividend payout ratio is presently 36.22%.
Insider Buying and Selling
In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director owned 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on CMI shares. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and decreased their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup restated a “buy” rating and set a $360.00 price target (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $361.42.
View Our Latest Stock Analysis on Cummins
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.
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