Daymark Wealth Partners LLC Acquires 787 Shares of Cummins Inc. (NYSE:CMI)

Daymark Wealth Partners LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,681 shares of the company's stock after buying an additional 787 shares during the period. Daymark Wealth Partners LLC's holdings in Cummins were worth $2,407,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after acquiring an additional 66,887 shares during the period. Northern Trust Corp grew its stake in shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after acquiring an additional 246,807 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after acquiring an additional 99,009 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CMI shares. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley upped their price target 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. Truist Financial reduced their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Citigroup increased their target price on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $357.25.

Cummins Price Performance

Shares of Cummins stock traded up $1.40 during trading on Tuesday, hitting $327.08. The stock had a trading volume of 367,765 shares, compared to its average volume of 796,372. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm has a market cap of $45.06 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 2.19 and a beta of 1.04. The business's 50-day moving average is $304.43 and its 200 day moving average is $337.84.

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 analysts' consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.08 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio is currently 36.22%.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares in the company, 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 currently owned by company 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.