Ascent Wealth Partners LLC Has $6.42 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Ascent Wealth Partners LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 9.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,479 shares of the company's stock after acquiring an additional 1,844 shares during the quarter. Ascent Wealth Partners LLC's holdings in Cummins were worth $6,419,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Hudock Inc. boosted its position in shares of Cummins by 16.0% in the 1st quarter. Hudock Inc. now owns 796 shares of the company's stock valued at $250,000 after purchasing an additional 110 shares during the period. Cullen Frost Bankers Inc. raised its stake in Cummins by 1.0% during the 1st quarter. Cullen Frost Bankers Inc. now owns 69,261 shares of the company's stock valued at $21,709,000 after acquiring an additional 690 shares during the last quarter. Parcion Private Wealth LLC raised its stake in shares of Cummins by 4.9% during the 1st quarter. Parcion Private Wealth LLC now owns 15,853 shares of the company's stock worth $4,969,000 after buying an additional 740 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Cummins by 6.2% during the 1st quarter. Victory Capital Management Inc. now owns 210,922 shares of the company's stock worth $66,111,000 after buying an additional 12,284 shares in the last quarter. Finally, Bridgewater Advisors Inc. acquired a new stake in shares of Cummins in the 1st quarter worth approximately $1,891,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE CMI traded up $2.23 during trading on Friday, hitting $350.40. The company had a trading volume of 915,524 shares, compared to its average volume of 779,964. The company has a market cap of $48.27 billion, a P/E ratio of 17.43, a PEG ratio of 1.93 and a beta of 1.03. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business's 50-day moving average is $327.72 and its 200 day moving average is $330.87. 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 announced its 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. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the previous year, the business earned $5.08 EPS. The company's revenue was down 2.7% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is currently 36.22%.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CMI has been the topic of several analyst reports. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Citigroup reissued a "buy" rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Cummins presently has an average rating of "Hold" and a consensus price target of $361.42.

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.