Fortem Financial Group LLC Acquires 1,290 Shares of Cummins Inc. (NYSE:CMI)

Fortem Financial Group LLC lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 41.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,401 shares of the company's stock after acquiring an additional 1,290 shares during the quarter. Fortem Financial Group LLC's holdings in Cummins were worth $1,379,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Park Square Financial Group LLC raised its position in shares of Cummins by 42.3% during the first quarter. Park Square Financial Group LLC now owns 185 shares of the company's stock worth $58,000 after acquiring an additional 55 shares during the last quarter. Diversify Wealth Management LLC raised its position in shares of Cummins by 1,518.6% during the first quarter. Diversify Wealth Management LLC now owns 9,809 shares of the company's stock worth $2,876,000 after acquiring an additional 9,203 shares during the last quarter. Xponance Inc. raised its position in shares of Cummins by 1.3% during the first quarter. Xponance Inc. now owns 22,868 shares of the company's stock worth $7,168,000 after acquiring an additional 298 shares during the last quarter. Genus Capital Management Inc. raised its position in shares of Cummins by 195.7% during the first quarter. Genus Capital Management Inc. now owns 45,257 shares of the company's stock worth $14,185,000 after acquiring an additional 92,524 shares during the last quarter. Finally, MJP Associates Inc. ADV raised its position in shares of Cummins by 15.6% during the first quarter. MJP Associates Inc. ADV now owns 1,666 shares of the company's stock worth $522,000 after acquiring an additional 225 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CMI. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Morgan Stanley lifted their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $361.42.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on 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 transaction, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

NYSE:CMI opened at $338.75 on Friday. 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 stock's 50 day moving average price is $323.43 and its two-hundred day moving average price is $331.08. The firm has a market capitalization of $46.67 billion, a price-to-earnings ratio of 16.85, a P/E/G ratio of 2.05 and a beta of 1.03. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

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, beating the consensus estimate of $4.92 by $1.04. The firm 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 for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.08 earnings per share. On average, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

Cummins 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.

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