Forte Capital LLC ADV Buys 1,620 Shares of Cummins Inc. (NYSE:CMI)

Forte Capital LLC ADV boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 21.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,335 shares of the company's stock after buying an additional 1,620 shares during the period. Forte Capital LLC ADV's holdings in Cummins were worth $2,926,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cummins during the fourth quarter valued at approximately $499,490,000. GAMMA Investing LLC increased its position in shares of Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the period. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during 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 period. Northern Trust Corp increased its position in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Finally, Neuberger Berman Group LLC increased its position in shares of Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock valued at $224,317,000 after purchasing an additional 233,694 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Citigroup restated a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, Robert W. Baird upped their price target on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $361.42.

Cummins Price Performance

Cummins stock traded up $2.23 on Friday, reaching $350.40. The company's stock had a trading volume of 915,524 shares, compared to its average volume of 779,493. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The company has a market cap of $48.27 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 2.07 and a beta of 1.03. The business's fifty day moving average price is $326.85 and its 200 day moving average price is $330.86. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

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

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.28%. 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 dividend payout ratio is 36.22%.

Insider Activity

In other news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were acquired 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 directly owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is owned by company 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.