Bank of New York Mellon Corp Buys 36,699 Shares of Cummins Inc. (NYSE:CMI)

Bank of New York Mellon Corp increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,018,465 shares of the company's stock after purchasing an additional 36,699 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of Cummins worth $319,228,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in CMI. Signaturefd LLC boosted its holdings in Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after purchasing an additional 28 shares in the last quarter. Fiduciary Trust Co boosted its holdings in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares in the last quarter. Mindset Wealth Management LLC boosted its holdings in shares of Cummins by 1.7% in the 4th quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after acquiring an additional 35 shares in the last quarter. Garrison Point Advisors LLC boosted its holdings in shares of Cummins by 1.1% in the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after acquiring an additional 35 shares in the last quarter. Finally, Ascent Group LLC boosted its holdings in shares of Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after acquiring an additional 37 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CMI shares. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price objective 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. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, Citigroup restated a "buy" rating and issued a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $358.08.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on 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 acquisition, the director directly owned 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Up 0.9%

Shares of CMI traded up $2.90 during trading hours on Tuesday, reaching $330.75. The stock had a trading volume of 891,179 shares, compared to its average volume of 774,371. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The firm has a 50-day moving average of $320.19 and a 200 day moving average of $331.24. The company has a market cap of $45.56 billion, a P/E ratio of 16.46, a P/E/G ratio of 2.00 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The business 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%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.08 EPS. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.20%. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Cummins Company 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.