Cummins Inc. (NYSE:CMI) Shares Bought by Dakota Wealth Management

Dakota Wealth Management grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 19.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,981 shares of the company's stock after purchasing an additional 7,496 shares during the quarter. Dakota Wealth Management's holdings in Cummins were worth $14,726,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Signaturefd LLC grew its holdings in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after purchasing an additional 28 shares during the last quarter. Fiduciary Trust Co grew its holdings in shares of Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares during the last quarter. Mindset Wealth Management LLC grew its holdings in shares of Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after purchasing an additional 35 shares during the last quarter. Garrison Point Advisors LLC grew its holdings in shares of Cummins by 1.1% during the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after purchasing an additional 35 shares during the last quarter. Finally, Ascent Group LLC grew its holdings in shares of Cummins by 2.7% during the fourth 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 last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

CMI traded up $3.77 during trading on Wednesday, reaching $345.71. The company's stock had a trading volume of 977,280 shares, compared to its average volume of 778,263. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company's fifty day moving average price is $325.06 and its 200-day moving average price is $330.76. The company has a market capitalization of $47.62 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. 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 posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) 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 last year, the firm earned $5.08 EPS. The company's revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, August 22nd. Cummins's payout ratio is currently 36.22%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Citigroup reaffirmed a "buy" rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley raised their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and lowered their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $361.42.

Insider Activity

In related news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by corporate insiders.

Cummins 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.