Oak Thistle LLC Invests $2.83 Million in Cummins Inc. (NYSE:CMI)

Oak Thistle LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,021 shares of the company's stock, valued at approximately $2,828,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $32,000. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $30,000. Opal Wealth Advisors LLC purchased a new position in Cummins in the first quarter worth approximately $37,000. Finally, Ritter Daniher Financial Advisory LLC DE increased its stake in Cummins by 316.7% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company's stock worth $44,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Up 1.1%

Shares of CMI traded up $4.01 during midday trading on Friday, hitting $369.28. 697,921 shares of the stock were exchanged, compared to its average volume of 893,558. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The stock has a fifty day simple moving average of $330.38 and a 200 day simple moving average of $330.89. The firm has a market cap of $50.87 billion, a P/E ratio of 18.37, a P/E/G ratio of 2.05 and a beta of 1.03. 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 released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $5.08 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a $2.00 dividend. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.17%. Cummins's dividend payout ratio (DPR) is 36.22%.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Evercore ISI cut their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Citigroup reissued a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Robert W. Baird raised their target price on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Finally, Truist Financial cut their target price on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $361.92.

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.