Daymark Wealth Partners LLC Boosts Stock Holdings in Cummins Inc. (NYSE:CMI)

Daymark Wealth Partners LLC grew its stake in Cummins Inc. (NYSE:CMI - Free Report) by 11.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,681 shares of the company's stock after acquiring an additional 787 shares during the period. Daymark Wealth Partners LLC's holdings in Cummins were worth $2,407,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Golden State Equity Partners grew its position in shares of 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 in the last quarter. Field & Main Bank raised its holdings in shares of Cummins by 2.4% in 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 in the last quarter. International Assets Investment Management LLC lifted its position in shares of Cummins by 31.5% in the 1st quarter. International Assets Investment Management LLC now owns 2,749 shares of the company's stock worth $862,000 after purchasing an additional 658 shares during the period. Berry Wealth Group LP boosted its stake in shares of Cummins by 729.8% during the first 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 in the last quarter. Finally, Retirement Guys Formula LLC boosted its stake in shares of Cummins by 4.7% during the first quarter. Retirement Guys Formula LLC now owns 4,888 shares of the company's stock valued at $1,532,000 after purchasing an additional 219 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI traded up $6.10 during trading hours on Thursday, reaching $324.85. 1,003,967 shares of the company traded hands, compared to its average volume of 776,362. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The business has a fifty day moving average price of $313.19 and a 200-day moving average price of $333.69. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The stock has a market capitalization of $44.75 billion, a P/E ratio of 16.16, a P/E/G ratio of 1.95 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating 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 net margin of 8.20% and a return on equity of 26.88%. The firm's revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $5.08 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced 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. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Robert W. Baird reduced their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Evercore ISI decreased their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Truist Financial cut their target price on 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 stock an "overweight" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and an average price target of $358.08.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.41% of the company's stock.

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.