Chancellor Financial Group WB LP Purchases New Stake in Cummins Inc. (NYSE:CMI)

Chancellor Financial Group WB LP purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,657 shares of the company's stock, valued at approximately $1,275,000. Cummins accounts for about 1.0% of Chancellor Financial Group WB LP's investment portfolio, making the stock its 20th largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BankPlus Trust Department bought a new stake in shares of Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new position in Cummins during the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins during the fourth quarter valued at approximately $30,000. Institutional investors own 83.46% of the company's stock.

Insider Activity

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company's stock, valued at approximately $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 this link. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Citigroup boosted their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Robert W. Baird reduced their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $357.25.

Cummins Price Performance

CMI stock traded down $4.02 during midday trading on Friday, reaching $320.84. The company had a trading volume of 1,489,393 shares, compared to its average volume of 805,468. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company 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. The firm has a 50-day moving average price of $304.10 and a 200-day moving average price of $340.18.

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

Cummins Dividend Announcement

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