Parcion Private Wealth LLC Buys 740 Shares of Cummins Inc. (NYSE:CMI)

Parcion Private Wealth LLC increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,853 shares of the company's stock after acquiring an additional 740 shares during the quarter. Parcion Private Wealth LLC's holdings in Cummins were worth $4,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CMI. FMR LLC increased its stake in Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after purchasing an additional 67,266 shares in the last quarter. Fayez Sarofim & Co increased its stake in Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares in the last quarter. National Bank of Canada FI increased its stake in Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares in the last quarter. Alpha Cubed Investments LLC bought a new stake in Cummins during the 1st quarter valued at about $440,000. Finally, Assenagon Asset Management S.A. increased its stake in Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after purchasing an additional 1,114 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and dropped their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. Truist Financial dropped their price target 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. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Finally, 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $361.42.

Cummins Stock Performance

Shares of CMI traded up $3.77 on Wednesday, reaching $345.71. The company's stock had a trading volume of 977,286 shares, compared to its average volume of 777,737. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The stock has a market capitalization of $47.62 billion, a P/E ratio of 17.20, a PEG ratio of 2.05 and a beta of 1.03. The stock's 50 day simple moving average is $325.06 and its two-hundred day simple moving average is $330.76. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (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 the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm's revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.08 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.31%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is currently 36.22%.

Insiders Place Their Bets

In other news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on 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 acquisition, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.41% of the stock is owned by corporate insiders.

Cummins 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.