Cummins Inc. (NYSE:CMI) Stock Position Increased by Eldred Rock Partners LLC

Eldred Rock Partners LLC raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 10.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,480 shares of the company's stock after purchasing an additional 3,425 shares during the quarter. Cummins accounts for approximately 3.5% of Eldred Rock Partners LLC's portfolio, making the stock its 14th largest holding. Eldred Rock Partners LLC's holdings in Cummins were worth $11,442,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. BankPlus Trust Department purchased a new position in shares of Cummins in the 4th quarter worth about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the 4th quarter valued at about $27,000. Meeder Asset Management Inc. raised its holdings in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the 4th quarter valued at about $30,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI traded up $2.24 during mid-day trading on Thursday, hitting $325.07. The stock had a trading volume of 197,280 shares, compared to its average volume of 799,712. The company has a market cap of $44.78 billion, a PE ratio of 11.54, a PEG ratio of 2.19 and a beta of 1.02. The company's fifty day simple moving average is $303.88 and its two-hundred day simple moving average is $339.06. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during 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 business's revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $5.08 EPS. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Finally, Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. 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, Cummins presently has an average rating of "Hold" and a consensus price target of $357.25.

Insider Buying and Selling

In other Cummins news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.41% of the company's stock.

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.