Fiduciary Family Office LLC Makes New $964,000 Investment in Cummins Inc. (NYSE:CMI)

Key Points

• Fiduciary Family Office LLC purchased a new stake in Cummins Inc., acquiring 3,075 shares valued at approximately $964,000 during the first quarter of the year.
• Cummins has received multiple analyst upgrades, with price targets ranging from $320 to $425, and currently holds a consensus rating of "Hold".
• The company recently declared a quarterly dividend of $2.00 per share, an increase from the previous $1.82, reflecting a commitment to returning value to shareholders.

Fiduciary Family Office LLC bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,075 shares of the company's stock, valued at approximately $964,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Fiduciary Trust Co lifted its holdings in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after buying an additional 28 shares during the last quarter. Bank of Jackson Hole Trust increased its position in Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after acquiring an additional 33 shares during the period. Scotia Capital Inc. increased its position in shares of Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after purchasing an additional 34 shares during the period. Ascent Group LLC increased its position in shares of Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after purchasing an additional 37 shares during the period. Finally, Central Pacific Bank Trust Division boosted its stake in shares of Cummins by 5.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 815 shares of the company's stock worth $255,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Stock Performance

NYSE:CMI traded up $1.30 during mid-day trading on Monday, hitting $388.33. The stock had a trading volume of 839,839 shares, compared to its average volume of 1,058,100. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $392.93. The company's 50 day simple moving average is $341.28 and its 200 day simple moving average is $331.35. The stock has a market cap of $53.51 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 1.88 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is currently 34.23%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Jefferies Financial Group raised Cummins to a "hold" rating in a research report on Monday. Barclays lifted their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research note on Monday. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. increased their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $370.83.

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.