World Investment Advisors Has $715,000 Position in Cummins Inc. (NYSE:CMI)

World Investment Advisors increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 157.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,280 shares of the company's stock after acquiring an additional 1,395 shares during the period. World Investment Advisors' holdings in Cummins were worth $715,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Cummins during the fourth quarter valued at approximately $499,490,000. GAMMA Investing LLC raised its stake in shares of Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the period. Vanguard Group Inc. raised its stake in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the period. Northern Trust Corp raised its stake in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in shares of Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock valued at $224,317,000 after purchasing an additional 233,694 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CMI. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and cut their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. Truist Financial cut 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. Finally, Citigroup reaffirmed a "buy" rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $358.08.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of Cummins stock traded up $3.46 during trading on Wednesday, hitting $334.21. 892,001 shares of the stock were exchanged, compared to its average volume of 863,342. The stock has a market cap of $46.04 billion, a PE ratio of 16.63, a P/E/G ratio of 1.97 and a beta of 1.03. The stock's fifty day moving average is $320.95 and its 200 day moving average is $331.24. 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 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the company earned $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.18%. Cummins's dividend payout ratio is 36.22%.

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.