Cummins Inc. (NYSE:CMI) Shares Acquired by Artemis Investment Management LLP

Artemis Investment Management LLP boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 19.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,747 shares of the company's stock after acquiring an additional 1,241 shares during the period. Artemis Investment Management LLP's holdings in Cummins were worth $2,428,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its position in Cummins by 3.3% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 56,403 shares of the company's stock worth $19,662,000 after buying an additional 1,800 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Cummins in the 4th quarter worth $71,279,000. QRG Capital Management Inc. lifted its stake in shares of Cummins by 2.4% in the 4th quarter. QRG Capital Management Inc. now owns 31,064 shares of the company's stock worth $10,829,000 after acquiring an additional 732 shares during the period. Finally, First American Bank boosted its holdings in shares of Cummins by 4.3% in the fourth quarter. First American Bank now owns 13,506 shares of the company's stock valued at $4,708,000 after acquiring an additional 561 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction dated 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 purchase, the director now directly 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 filing with the SEC, which is available through this link. Corporate insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cummins presently has an average rating of "Hold" and an average price target of $358.08.

Cummins Trading Up 0.6%

Shares of Cummins stock opened at $326.06 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month 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. The stock has a market cap of $44.92 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The company has a 50-day moving average of $314.95 and a two-hundred day moving average of $332.93.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. Cummins's dividend payout ratio (DPR) is 36.22%.

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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