Chancellor Financial Group WB LP Makes New Investment in Cummins Inc. (NYSE:CMI)

Chancellor Financial Group WB LP acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,657 shares of the company's stock, valued at approximately $1,275,000. Cummins accounts for 1.0% of Chancellor Financial Group WB LP's investment portfolio, making the stock its 20th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Cummins during the fourth quarter worth $218,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in Cummins by 9.5% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,722 shares of the company's stock valued at $600,000 after acquiring an additional 149 shares in the last quarter. Blue Trust Inc. boosted its position in Cummins by 39.4% during the 4th quarter. Blue Trust Inc. now owns 2,133 shares of the company's stock valued at $691,000 after acquiring an additional 603 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Cummins by 61.4% in the 4th quarter. KBC Group NV now owns 112,374 shares of the company's stock valued at $39,174,000 after acquiring an additional 42,742 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CMI shares. Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Citigroup raised their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. Robert W. Baird cut their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $357.25.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.41% of the stock is currently owned by insiders.

Cummins Stock Performance

Shares of CMI traded down $4.02 during trading hours on Friday, reaching $320.84. 1,489,393 shares of the company traded hands, compared to its average volume of 802,539. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The business has a fifty day moving average price of $303.91 and a 200-day moving average price of $339.59. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The stock has a market capitalization of $44.20 billion, a P/E ratio of 11.39, a P/E/G ratio of 2.19 and a beta of 1.02.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.27%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

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.