Bridgewater Advisors Inc. Acquires New Stake in Cummins Inc. (NYSE:CMI)

Bridgewater Advisors Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,451 shares of the company's stock, valued at approximately $1,891,000.

Several other hedge funds also recently made changes to their positions in CMI. Midwest Professional Planners LTD. lifted its holdings in shares of Cummins by 3.3% in the 1st quarter. Midwest Professional Planners LTD. now owns 11,196 shares of the company's stock worth $3,509,000 after purchasing an additional 360 shares during the last quarter. Wealthfront Advisers LLC lifted its holdings in Cummins by 1.5% in the 1st quarter. Wealthfront Advisers LLC now owns 10,788 shares of the company's stock valued at $3,381,000 after acquiring an additional 161 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Cummins by 19.8% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,265 shares of the company's stock valued at $396,000 after buying an additional 209 shares in the last quarter. First Command Advisory Services Inc. lifted its holdings in shares of Cummins by 2.4% during the first quarter. First Command Advisory Services Inc. now owns 1,990 shares of the company's stock valued at $624,000 after purchasing an additional 47 shares during the last quarter. Finally, Graybill Wealth Management LTD. purchased a new position in shares of Cummins in the first quarter worth approximately $370,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and lowered their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Evercore ISI reduced their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. One equities research 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. According to MarketBeat.com, Cummins has a consensus rating of "Hold" and an average target price of $361.42.

Cummins Price Performance

Shares of NYSE CMI traded up $3.77 during mid-day trading on Wednesday, hitting $345.71. 977,286 shares of the stock traded hands, compared to its average volume of 777,738. The firm has a 50 day simple moving average of $326.02 and a two-hundred day simple moving average of $330.86. The company has a market cap of $47.62 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly 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 firm had revenue of $8.17 billion for 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 company's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.08 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Activity

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

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.