Cambridge Investment Research Advisors Inc. Has $10.65 Million Stock Position in Cummins Inc. (NYSE:CMI)

Cambridge Investment Research Advisors Inc. lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,987 shares of the company's stock after buying an additional 1,678 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Cummins were worth $10,653,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BankPlus Trust Department acquired a new stake in shares of Cummins in the fourth quarter worth $26,000. Meeder Asset Management Inc. lifted its stake in shares of Cummins by 208.0% in 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. TCTC Holdings LLC acquired a new stake in shares of Cummins in the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the fourth quarter worth $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the fourth quarter worth $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on CMI. Evercore ISI cut their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. JPMorgan Chase & Co. boosted their price target 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 boosted their price target on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. UBS Group lowered shares of 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. Finally, Robert W. Baird lowered their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $358.08.

Cummins Stock Up 2.4%

CMI stock opened at $323.99 on Wednesday. The company has a market cap of $44.63 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The business has a 50-day simple moving average of $312.43 and a 200 day simple moving average of $333.79. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. 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 (NYSE:CMI - Get Free Report) last posted its quarterly 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. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.08 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is 36.22%.

Insiders Place Their Bets

In other news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.

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