Apollon Wealth Management LLC Purchases 960 Shares of Cummins Inc. (NYSE:CMI)

Apollon Wealth Management LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,552 shares of the company's stock after acquiring an additional 960 shares during the period. Apollon Wealth Management LLC's holdings in Cummins were worth $3,934,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after buying an additional 67,266 shares during the last quarter. Fayez Sarofim & Co raised 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 valued at $2,857,000 after buying an additional 3,440 shares during the last quarter. National Bank of Canada FI raised 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 valued at $28,359,000 after buying an additional 3,298 shares during the last quarter. Alpha Cubed Investments LLC acquired a new position in shares of Cummins in the first quarter valued at approximately $440,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after buying an additional 1,114 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup restated a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $361.42.

Cummins Price Performance

CMI traded up $0.37 on Friday, reaching $348.54. The company had a trading volume of 438,502 shares, compared to its average volume of 777,639. The company has a fifty day moving average of $326.85 and a 200-day moving average of $330.86. The company has a market capitalization of $48.01 billion, a P/E ratio of 17.33, a PEG ratio of 2.07 and a beta of 1.03. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. 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 posted its quarterly earnings data 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 net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the firm posted $5.08 EPS. The business's revenue for the quarter was down 2.7% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed 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 of this dividend is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 2.30%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is currently 36.22%.

Insider Buying and Selling

In related 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 price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

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.