Cummins Inc. (NYSE:CMI) Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,816 shares of the company's stock after acquiring an additional 1,324 shares during the period. Rafferty Asset Management LLC's holdings in Cummins were worth $4,468,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC raised its position in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new stake in Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc acquired a new stake in Cummins in the 4th quarter valued at about $27,000. Meeder Asset Management Inc. raised its position in Cummins by 208.0% in 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. Finally, TCTC Holdings LLC acquired a new stake in Cummins in the 4th quarter valued at about $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CMI shares. Barclays increased their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Evercore ISI raised their target price on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Citigroup raised their target price on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $354.83.

Cummins Trading Up 0.8%

CMI opened at $334.78 on Monday. The firm has a market cap of $46.12 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business's 50 day moving average is $304.05 and its two-hundred day moving average is $341.53. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

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 the consensus estimate 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 27.12% and a net margin of 11.57%. The firm's revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.08 earnings per share. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the company'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 acquisition, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

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.

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