Diversify Wealth Management LLC Increases Stock Position in Cummins Inc. (NYSE:CMI)

Diversify Wealth Management LLC raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 1,518.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,809 shares of the company's stock after purchasing an additional 9,203 shares during the period. Diversify Wealth Management LLC's holdings in Cummins were worth $2,876,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Signaturefd LLC lifted its holdings in shares of Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after purchasing an additional 28 shares in the last quarter. Fiduciary Trust Co raised its position in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after buying an additional 28 shares during the last quarter. Mindset Wealth Management LLC raised its position in shares of Cummins by 1.7% in the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock valued at $724,000 after buying an additional 35 shares during the last quarter. Garrison Point Advisors LLC raised its position in shares of Cummins by 1.1% in the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock valued at $1,112,000 after buying an additional 35 shares during the last quarter. Finally, Ascent Group LLC raised its position in shares of Cummins by 2.7% in the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Truist Financial cut their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Robert W. Baird upped their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Morgan Stanley upped their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $361.42.

Cummins Trading Down 0.4%

CMI traded down $1.28 during trading on Friday, hitting $338.75. 632,089 shares of the company's stock were exchanged, compared to its average volume of 775,520. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The stock has a 50 day moving average price of $323.43 and a 200 day moving average price of $331.08. The firm has a market cap of $46.66 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the firm earned $5.08 earnings per share. Cummins's revenue for the quarter was down 2.7% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.15%. Cummins's dividend payout ratio is currently 36.22%.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

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.