GAMMA Investing LLC Purchases 1,188,276 Shares of Cummins Inc. (NYSE:CMI)

GAMMA Investing LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 38,220.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,191,385 shares of the company's stock after purchasing an additional 1,188,276 shares during the quarter. GAMMA Investing LLC owned approximately 0.86% of Cummins worth $373,428,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KG&L Capital Management LLC lifted its stake in shares of Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company's stock worth $1,296,000 after buying an additional 28 shares during the last quarter. Signaturefd LLC raised its holdings in Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after acquiring an additional 28 shares during the period. Fiduciary Trust Co lifted its position in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares during the last quarter. Massachusetts Wealth Management grew its position in shares of Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock valued at $1,677,000 after purchasing an additional 30 shares during the last quarter. Finally, Avestar Capital LLC grew its position in shares of Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company's stock valued at $344,000 after purchasing an additional 31 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of Cummins stock traded up $0.28 during midday trading on Wednesday, hitting $324.75. 149,720 shares of the company traded hands, compared to its average volume of 800,305. The firm's fifty day moving average price is $303.69 and its 200-day moving average price is $339.17. The stock has a market cap of $44.74 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.08 earnings per share. As a group, sell-side analysts forecast 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. Stockholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were bought 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 now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

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 report on Tuesday, April 8th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $357.25.

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.