Choreo LLC Buys 2,997 Shares of Cummins Inc. (NYSE:CMI)

Choreo LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 29.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 13,265 shares of the company's stock after acquiring an additional 2,997 shares during the period. Choreo LLC's holdings in Cummins were worth $4,158,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. PFG Advisors lifted its position in Cummins by 36.3% in the 1st quarter. PFG Advisors now owns 6,540 shares of the company's stock valued at $2,050,000 after acquiring an additional 1,743 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in Cummins by 6.5% in the 1st quarter. HighPoint Advisor Group LLC now owns 4,000 shares of the company's stock valued at $1,173,000 after acquiring an additional 245 shares in the last quarter. Crestwood Advisors Group LLC lifted its position in Cummins by 4.9% in the 1st quarter. Crestwood Advisors Group LLC now owns 2,024 shares of the company's stock valued at $634,000 after acquiring an additional 94 shares in the last quarter. Peterson Wealth Services bought a new stake in Cummins in the 1st quarter valued at $1,022,000. Finally, Los Angeles Capital Management LLC lifted its position in Cummins by 7.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 43,257 shares of the company's stock valued at $13,558,000 after acquiring an additional 3,142 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director owned 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on CMI. Truist Financial cut their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Barclays boosted their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. boosted their price target 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. Morgan Stanley boosted their price target 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. Finally, Citigroup reissued a "buy" rating and set a $360.00 price target (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $361.92.

Cummins Stock Performance

Shares of Cummins stock traded up $4.01 during trading on Friday, hitting $369.28. 697,921 shares of the stock were exchanged, compared to its average volume of 893,558. The stock has a market capitalization of $50.87 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. The company has a fifty day moving average price of $330.38 and a 200-day moving average price of $330.89. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. 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 (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for 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%. Cummins's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.08 EPS. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.17%. Cummins's dividend payout ratio is presently 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.