Bailard Inc. Purchases 917 Shares of Cummins Inc. (NYSE:CMI)

Bailard Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 56,863 shares of the company's stock after purchasing an additional 917 shares during the quarter. Bailard Inc.'s holdings in Cummins were worth $17,823,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the last quarter. Olde Wealth Management LLC bought a new stake in Cummins during the first quarter worth about $30,000. Capital A Wealth Management LLC bought a new stake in Cummins during the fourth quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in Cummins during the first quarter worth about $37,000. Finally, Ritter Daniher Financial Advisory LLC DE grew 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 buying an additional 95 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In related news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Shares of CMI traded up $2.23 during midday trading on Friday, reaching $350.40. The stock had a trading volume of 915,524 shares, compared to its average volume of 779,964. The firm has a 50 day simple moving average of $327.72 and a 200-day simple moving average of $330.87. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The firm has a market cap of $48.27 billion, a PE ratio of 17.43, a P/E/G ratio of 1.93 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 (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping 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 net margin of 8.20% and a return on equity of 26.88%. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $5.08 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a $2.00 dividend. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.28%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Morgan Stanley increased their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Finally, UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One investment 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price 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.