Cummins Inc. (NYSE:CMI) Stock Holdings Lifted by Golden State Wealth Management LLC

Golden State Wealth Management LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 117.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,214 shares of the company's stock after buying an additional 1,196 shares during the period. Golden State Wealth Management LLC's holdings in Cummins were worth $694,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Daymark Wealth Partners LLC raised its holdings in Cummins by 11.4% during the 1st quarter. Daymark Wealth Partners LLC now owns 7,681 shares of the company's stock worth $2,407,000 after buying an additional 787 shares during the period. Golden State Equity Partners raised its holdings in Cummins by 7.5% during the 1st quarter. Golden State Equity Partners now owns 1,976 shares of the company's stock worth $619,000 after buying an additional 138 shares during the period. Field & Main Bank raised its stake in Cummins by 2.4% during the 1st quarter. Field & Main Bank now owns 2,558 shares of the company's stock valued at $802,000 after purchasing an additional 60 shares during the period. International Assets Investment Management LLC raised its stake in Cummins by 31.5% during the 1st quarter. International Assets Investment Management LLC now owns 2,749 shares of the company's stock valued at $862,000 after purchasing an additional 658 shares during the period. Finally, Berry Wealth Group LP raised its stake in Cummins by 729.8% during the 1st quarter. Berry Wealth Group LP now owns 5,344 shares of the company's stock valued at $1,675,000 after purchasing an additional 4,700 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on CMI shares. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Robert W. Baird cut their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, Morgan Stanley boosted their target price 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. One 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $358.08.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Shares of CMI stock opened at $324.85 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock's 50-day moving average is $314.05 and its two-hundred day moving average is $333.29. The firm has a market cap of $44.75 billion, a P/E ratio of 16.16, a PEG ratio of 1.92 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 earnings per share 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 26.88% and a net margin of 8.20%. The business's revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.08 EPS. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Cummins Company 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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