Park Avenue Securities LLC Raises Position in Cummins Inc. (NYSE:CMI)

Park Avenue Securities LLC raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 49.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 8,709 shares of the company's stock after acquiring an additional 2,888 shares during the period. Park Avenue Securities LLC's holdings in Cummins were worth $2,730,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BankPlus Trust Department bought a new position in shares of Cummins in the fourth quarter valued at $26,000. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% in the fourth 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 purchased a new position in shares of Cummins during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new stake in Cummins during the fourth quarter worth $30,000. Finally, Capital A Wealth Management LLC purchased a new stake in Cummins in the 4th quarter valued at $32,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Cummins stock traded down $3.16 during mid-day trading on Wednesday, reaching $323.84. The company's stock had a trading volume of 543,592 shares, compared to its average volume of 795,890. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The firm's fifty day moving average price is $305.05 and its two-hundred day moving average price is $337.76. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market capitalization of $44.61 billion, a P/E ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last issued its 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter last year, the company earned $5.08 EPS. The firm's revenue was down 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is 36.22%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CMI shares. Citigroup raised their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $357.25.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.41% of the company's stock.

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.