Axxcess Wealth Management LLC Purchases 15,134 Shares of Cummins Inc. (NYSE:CMI)

Axxcess Wealth Management LLC boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 261.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,932 shares of the company's stock after purchasing an additional 15,134 shares during the quarter. Axxcess Wealth Management LLC's holdings in Cummins were worth $6,561,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CMI. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in shares of Cummins in the 4th quarter worth $28,000. SBI Securities Co. Ltd. acquired a new stake in Cummins in the 4th quarter valued at $30,000. Olde Wealth Management LLC bought a new stake in Cummins during the 1st quarter valued at $30,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Cummins in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Down 0.4%

NYSE CMI traded down $1.28 during trading on Friday, hitting $338.75. The company had a trading volume of 632,089 shares, compared to its average volume of 775,849. The company's fifty day moving average is $322.65 and its 200-day moving average is $331.18. The company has a market cap of $46.67 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 2.01 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 released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.08 EPS. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors 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 2.15%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CMI shares. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Robert W. Baird boosted their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and decreased their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. One research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $361.42.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company 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.