Graybill Wealth Management LTD. Acquires Shares of 1,182 Cummins Inc. (NYSE:CMI)

Graybill Wealth Management LTD. acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,182 shares of the company's stock, valued at approximately $370,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. FMR LLC raised its position in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after purchasing an additional 67,266 shares in the last quarter. Fayez Sarofim & Co grew its stake in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI grew its stake in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares during the period. Alpha Cubed Investments LLC acquired a new position in shares of Cummins in the 1st quarter worth approximately $440,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after buying an additional 1,114 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of NYSE CMI traded up $1.48 during trading on Monday, reaching $340.30. The company had a trading volume of 653,894 shares, compared to its average volume of 861,643. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business's 50 day moving average price is $323.43 and its 200-day moving average price is $330.76. The stock has a market cap of $46.88 billion, a PE ratio of 16.93, a PEG ratio of 2.04 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the business posted $5.08 earnings per share. Cummins's revenue for the quarter was down 2.7% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.14%. Cummins's payout ratio is currently 36.22%.

Insider Activity

In other news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on CMI shares. 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. JPMorgan Chase & Co. upped 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. Morgan Stanley increased their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Citigroup reaffirmed a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $361.42.

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.