Cummins Inc. (NYSE:CMI) Shares Bought by Stonebridge Financial Group LLC

Stonebridge Financial Group LLC lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 6.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,548 shares of the company's stock after acquiring an additional 774 shares during the period. Stonebridge Financial Group LLC's holdings in Cummins were worth $4,246,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC acquired a new stake in Cummins during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new stake in Cummins during the 4th quarter valued at $30,000. Capital A Wealth Management LLC acquired a new stake in Cummins during the 4th quarter valued at $32,000. Finally, Providence First Trust Co acquired a new stake in Cummins during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction on 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 transaction, the director now owns 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 purchase was disclosed in a document filed with the SEC, which is available through this link. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Evercore ISI lowered their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Citigroup reissued a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Truist Financial decreased their price objective 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. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of "Hold" and an average target price of $358.08.

Cummins Trading Up 0.6%

Shares of NYSE:CMI opened at $326.06 on Friday. The company has a market cap of $44.92 billion, a PE ratio of 16.22, a P/E/G ratio of 1.96 and a beta of 1.04. The company's 50-day moving average price is $314.95 and its 200 day moving average price is $332.67. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two 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 released 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. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the previous year, the firm earned $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date 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%.

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.

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