Cornerstone Select Advisors LLC Buys New Shares in Cummins Inc. (NYSE:CMI)

Cornerstone Select Advisors LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,116 shares of the company's stock, valued at approximately $389,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Caption Management LLC acquired a new position in Cummins during the fourth quarter valued at approximately $1,464,000. Centiva Capital LP raised its holdings in Cummins by 43.2% during the 4th quarter. Centiva Capital LP now owns 908 shares of the company's stock worth $317,000 after purchasing an additional 274 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Cummins by 2.2% during the 4th quarter. Cetera Investment Advisers now owns 60,278 shares of the company's stock worth $21,013,000 after buying an additional 1,309 shares during the period. Captrust Financial Advisors grew its position in shares of Cummins by 4.5% in the 4th quarter. Captrust Financial Advisors now owns 53,236 shares of the company's stock valued at $18,558,000 after purchasing an additional 2,285 shares during the period. Finally, Cary Street Partners Financial LLC acquired a new position in Cummins during the 4th quarter worth approximately $322,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Up 6.9%

Shares of NYSE:CMI traded up $21.09 during mid-day trading on Monday, hitting $327.80. 451,175 shares of the company traded hands, compared to its average volume of 805,930. The firm has a market cap of $45.16 billion, a P/E ratio of 11.64, a PEG ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The firm's 50 day simple moving average is $304.66 and its 200 day simple moving average is $341.45.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 EPS. On average, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.22%. Cummins's payout ratio is presently 36.22%.

Analysts Set New Price Targets

A number of brokerages recently commented on CMI. Truist Financial decreased their price target 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. raised their price objective on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and upped their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $352.33.

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.