Diversify Advisory Services LLC Acquires Shares of 2,816 Cummins Inc. (NYSE:CMI)

Diversify Advisory Services LLC acquired a new position in shares of 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 2,816 shares of the company's stock, valued at approximately $825,000.

A number of other large investors also recently bought and sold shares of the company. Fiduciary Trust Co grew its stake in shares of Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares during the period. Garrison Point Advisors LLC grew its stake in shares of Cummins by 1.1% during the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after purchasing an additional 35 shares during the period. Ascent Group LLC grew its stake in shares of Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares during the period. Central Pacific Bank Trust Division grew its stake in shares of Cummins by 5.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 815 shares of the company's stock worth $255,000 after purchasing an additional 39 shares during the period. Finally, Perigon Wealth Management LLC grew its stake in shares of Cummins by 0.6% during the 1st quarter. Perigon Wealth Management LLC now owns 6,588 shares of the company's stock worth $2,065,000 after purchasing an additional 42 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Trading Up 0.6%

CMI traded up $2.23 on Friday, reaching $350.40. 915,524 shares of the company's stock were exchanged, compared to its average volume of 776,013. The company's 50 day moving average is $327.72 and its 200-day moving average is $330.75. The company has a market cap of $48.27 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.94 and a beta of 1.03. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last posted its 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 firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company's revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.08 EPS. Equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is 36.22%.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CMI shares. Evercore ISI decreased their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Citigroup reiterated a "buy" rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird boosted their price objective 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. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. 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 company. According to MarketBeat.com, Cummins has an average rating of "Hold" and a consensus target price of $361.42.

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.