Cummins Inc. (NYSE:CMI) Shares Purchased by Essex Savings Bank

Essex Savings Bank lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 29.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,288 shares of the company's stock after purchasing an additional 980 shares during the quarter. Essex Savings Bank's holdings in Cummins were worth $1,344,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CMI. Signaturefd LLC raised its stake in Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after acquiring an additional 28 shares during the last quarter. Fiduciary Trust Co raised its stake in Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares during the last quarter. Mindset Wealth Management LLC raised its stake in Cummins by 1.7% in the 4th quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after acquiring an additional 35 shares during the last quarter. Garrison Point Advisors LLC raised its stake in Cummins by 1.1% in the 4th 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 during the last quarter. Finally, Ascent Group LLC raised its stake in shares of Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Down 2.4%

CMI stock opened at $314.72 on Wednesday. The firm has a market cap of $43.36 billion, a PE ratio of 15.66, a PEG ratio of 1.94 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The firm's 50 day moving average price is $309.52 and its 200-day moving average price is $335.92. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 26.88% and a net margin of 8.20%. The firm's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.08 earnings per share. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is 36.22%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CMI shares. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Evercore ISI lowered their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $357.25.

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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