Conning Inc. Increases Stake in Cummins Inc. (NYSE:CMI)

Conning Inc. lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 2.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 101,694 shares of the company's stock after purchasing an additional 2,044 shares during the period. Conning Inc. owned about 0.07% of Cummins worth $31,875,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after buying an additional 28 shares in the last quarter. Fiduciary Trust Co boosted its stake in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares in the last quarter. Mindset Wealth Management LLC boosted its holdings in Cummins by 1.7% in the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after acquiring an additional 35 shares in the last quarter. Garrison Point Advisors LLC boosted its holdings in Cummins by 1.1% in the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after acquiring an additional 35 shares in the last quarter. Finally, Ascent Group LLC boosted its holdings in Cummins by 2.7% in the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after acquiring an additional 37 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group cut Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $358.08.

Cummins Price Performance

Shares of CMI traded down $1.61 during trading hours on Friday, reaching $331.83. 549,622 shares of the stock traded hands, compared to its average volume of 774,012. 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 52-week low of $260.02 and a 52-week high of $387.90. The company's 50-day moving average price is $319.53 and its two-hundred day moving average price is $331.54. The company has a market cap of $45.71 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03.

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, topping analysts' consensus estimates of $4.92 by $1.04. The company 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 firm's revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.08 EPS. On average, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins's dividend payout ratio (DPR) is 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.