Focus Partners Advisor Solutions LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Focus Partners Advisor Solutions LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 53.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,504 shares of the company's stock after purchasing an additional 867 shares during the period. Focus Partners Advisor Solutions LLC's holdings in Cummins were worth $873,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Diversify Wealth Management LLC bought a new position in Cummins during the fourth quarter worth about $215,000. Atomi Financial Group Inc. raised its position in Cummins by 29.4% during the fourth quarter. Atomi Financial Group Inc. now owns 1,731 shares of the company's stock valued at $603,000 after purchasing an additional 393 shares in the last quarter. Simon Quick Advisors LLC raised its position in Cummins by 12.4% during the fourth quarter. Simon Quick Advisors LLC now owns 958 shares of the company's stock valued at $334,000 after purchasing an additional 106 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Cummins by 9.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 42,985 shares of the company's stock valued at $14,985,000 after purchasing an additional 3,790 shares in the last quarter. Finally, Wesbanco Bank Inc. increased its holdings in shares of Cummins by 5.4% during the fourth quarter. Wesbanco Bank Inc. now owns 2,106 shares of the company's stock worth $734,000 after buying an additional 108 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. Truist Financial lowered their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the stock from $410.00 to $431.00 in a report on Tuesday. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price objective 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. Finally, Evercore ISI cut their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight 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 currently has a consensus rating of "Hold" and an average price target of $357.25.

Cummins Price Performance

CMI stock traded up $0.53 during mid-day trading on Thursday, hitting $323.57. 168,146 shares of the stock were exchanged, compared to its average volume of 800,423. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business has a fifty day moving average price of $304.23 and a 200 day moving average price of $340.41. The stock has a market capitalization of $44.57 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results 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 return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the prior year, the business earned $5.08 EPS. The business's revenue for the quarter was down 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. Cummins's payout ratio is currently 36.22%.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by company insiders.

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.