Calton & Associates Inc. Grows Stock Position in Cummins Inc. (NYSE:CMI)

Calton & Associates Inc. lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4,526.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,938 shares of the company's stock after acquiring an additional 72,340 shares during the period. Cummins makes up about 2.8% of Calton & Associates Inc.'s portfolio, making the stock its 6th largest holding. Calton & Associates Inc. owned approximately 0.05% of Cummins worth $23,175,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Cummins in the 4th quarter valued at approximately $499,490,000. GAMMA Investing LLC increased its position in shares of Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after buying an additional 1,188,276 shares during the period. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares during the period. Northern Trust Corp grew its holdings in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the period. Finally, Neuberger Berman Group LLC grew its holdings in Cummins by 57.0% in the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after purchasing an additional 233,694 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Trading Up 0.6%

NYSE CMI traded up $2.23 during trading on Friday, hitting $350.40. The company had a trading volume of 915,524 shares, compared to its average volume of 776,013. 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. The company has a market cap of $48.27 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 1.94 and a beta of 1.03. The company's fifty day moving average is $327.72 and its 200-day moving average is $330.75.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company's revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.08 EPS. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on CMI shares. Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Citigroup reiterated a "buy" rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Morgan Stanley upped their target price 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 analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins has an average rating of "Hold" and an average price target of $361.42.

Insider Buying and Selling

In other news, Director John H. Stone acquired 1,000 shares of the business'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 transaction, 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 purchase was disclosed in a legal filing with the SEC, 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.