Cypress Asset Management Inc. TX Invests $777,000 in Cummins Inc. (NYSE:CMI)

Cypress Asset Management Inc. TX purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,230 shares of the company's stock, valued at approximately $777,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ascent Group LLC boosted its stake in Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares during the period. Putney Financial Group LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $82,000. AlphaCore Capital LLC purchased a new stake in shares of Cummins in the fourth quarter worth approximately $292,000. Forum Financial Management LP grew its position in Cummins by 39.2% during the fourth quarter. Forum Financial Management LP now owns 1,616 shares of the company's stock valued at $563,000 after purchasing an additional 455 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of Cummins by 17.0% during the 4th quarter. Toronto Dominion Bank now owns 69,814 shares of the company's stock valued at $24,336,000 after buying an additional 10,133 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on CMI shares. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the stock from $410.00 to $431.00 in a research report on Tuesday. Citigroup lifted their target price on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Finally, Truist Financial lowered their price target 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 analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and a consensus target price of $357.25.

Cummins Stock Performance

Shares of Cummins stock traded down $2.40 during midday trading on Friday, hitting $322.46. The company had a trading volume of 281,192 shares, compared to its average volume of 800,522. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a fifty day simple moving average of $304.10 and a 200 day simple moving average of $340.18. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $44.42 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced 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 business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. During the same period in the prior year, the company posted $5.08 EPS. The business's quarterly revenue was down 2.7% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 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 filing with the SEC, which can be accessed through this link. 0.41% of the stock is owned by corporate insiders.

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.