Cwm LLC Has $7.07 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

CWM LLC grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 74.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,555 shares of the company's stock after acquiring an additional 9,593 shares during the quarter. CWM LLC's holdings in Cummins were worth $7,070,000 at the end of the most recent reporting period.

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

Cummins Stock Performance

Shares of NYSE:CMI traded up $2.23 during trading on Friday, reaching $350.40. 915,524 shares of the stock were exchanged, compared to its average volume of 779,964. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock has a 50-day moving average price of $327.72 and a 200-day moving average price of $330.87. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The firm has a market cap of $48.27 billion, a PE ratio of 17.43, a PEG ratio of 1.93 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly 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. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period last year, the firm posted $5.08 EPS. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 36.22%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, 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 accessible through this hyperlink. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. raised their target price 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. Finally, Truist Financial reduced their price target on 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, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $361.42.

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.