Accurate Wealth Management LLC Takes $302,000 Position in Cummins Inc. (NYSE:CMI)

Accurate Wealth Management LLC purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,056 shares of the company's stock, valued at approximately $302,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. FMR LLC increased its stake in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after purchasing an additional 67,266 shares in the last quarter. Fayez Sarofim & Co increased its position in shares of Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after acquiring an additional 3,440 shares in the last quarter. National Bank of Canada FI increased its position in shares of Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after acquiring an additional 3,298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after acquiring an additional 6,107 shares during the period. Finally, Heritage Trust Co purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $1,422,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost 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. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Stock Up 0.3%

CMI traded up $0.82 during midday trading on Thursday, hitting $324.40. 503,178 shares of the company's stock traded hands, compared to its average volume of 795,074. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $44.69 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The stock's fifty day simple moving average is $305.97 and its 200-day simple moving average is $337.67. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. Cummins's dividend payout ratio is currently 36.22%.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research analyst reports. Truist Financial lowered their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Robert W. Baird decreased their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup upped their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One equities 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's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $357.25.

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.