HB Wealth Management LLC Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

HB Wealth Management LLC raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 109.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,194 shares of the company's stock after acquiring an additional 3,240 shares during the quarter. HB Wealth Management LLC's holdings in Cummins were worth $1,942,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. FMR LLC grew its position in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after acquiring an additional 67,266 shares in the last quarter. Fayez Sarofim & Co grew its position in 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 acquiring an additional 3,440 shares in the last quarter. National Bank of Canada FI grew its position in 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 acquiring an additional 3,298 shares in the last quarter. Alpha Cubed Investments LLC acquired a new position in Cummins in the 1st quarter valued at about $440,000. Finally, Assenagon Asset Management S.A. grew its position in Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after acquiring an additional 1,114 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction 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. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $371.12 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock has a 50 day moving average of $331.07 and a two-hundred day moving average of $330.80. The stock has a market cap of $51.13 billion, a P/E ratio of 18.46, a P/E/G ratio of 2.05 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data 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 return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the previous year, the business earned $5.08 earnings per share. The firm's revenue for the quarter was down 2.7% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business 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 2.16%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is 36.22%.

Analyst Ratings Changes

Several research firms have weighed in on CMI. Citigroup reaffirmed a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird boosted their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, Morgan Stanley boosted their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $361.92.

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.

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