4,302 Shares in Cummins Inc. (NYSE:CMI) Bought by 44 Wealth Management LLC

44 Wealth Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,302 shares of the company's stock, valued at approximately $1,348,000.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased 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 valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after buying an additional 84,112 shares during the period. Northern Trust Corp increased its stake in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after acquiring an additional 246,807 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cummins by 6.5% during 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 worth $566,856,000 after acquiring an additional 99,009 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Cummins by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after purchasing an additional 12,722 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director directly 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 Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent analyst reports. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. UBS Group cut 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 research report on Monday, April 7th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Finally, Citigroup reiterated a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $358.08.

Cummins Stock Down 0.5%

Cummins stock opened at $331.83 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock has a market cap of $45.71 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.01 and a beta of 1.03. The company's 50-day moving average price is $318.77 and its two-hundred day moving average price is $331.87. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.08 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio 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.

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