2,420 Shares in Cummins Inc. (NYSE:CMI) Purchased by Bowman & Co S.C.

Bowman & Co S.C. bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,420 shares of the company's stock, valued at approximately $761,000.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after buying an additional 67,266 shares in the last quarter. Fayez Sarofim & Co grew its holdings in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after acquiring an additional 3,440 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after acquiring an additional 3,298 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after acquiring an additional 6,107 shares during the last quarter. Finally, Heritage Trust Co acquired a new position in shares of Cummins in the 4th quarter worth $1,422,000. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Finally, UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and lowered their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $357.25.

Cummins Stock Up 2.3%

NYSE CMI traded up $7.28 on Tuesday, reaching $324.52. The stock had a trading volume of 875,714 shares, compared to its average volume of 802,858. The business has a 50 day moving average price of $303.68 and a 200 day moving average price of $339.27. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a market capitalization of $44.70 billion, a price-to-earnings ratio of 11.52, a P/E/G ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last issued 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 earnings per share. The business's quarterly revenue was down 2.7% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins's dividend payout ratio (DPR) is currently 36.22%.

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.