Cummins Inc. (NYSE:CMI) Holdings Lifted by Lifeworks Advisors LLC

Lifeworks Advisors LLC grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 15.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,350 shares of the company's stock after buying an additional 1,692 shares during the period. Lifeworks Advisors LLC's holdings in Cummins were worth $3,871,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares during the period. Capital A Wealth Management LLC purchased a new stake in Cummins during the 4th quarter worth $32,000. Olde Wealth Management LLC acquired a new position in Cummins in the 1st quarter worth $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins during the first quarter valued at about $37,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of Cummins during the first quarter worth about $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Citigroup reaffirmed a "buy" rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley boosted 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. Finally, Evercore ISI reduced their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $361.92.

Cummins Stock Performance

CMI traded down $0.21 during trading on Monday, reaching $369.31. 247,907 shares of the company were exchanged, compared to its average volume of 870,647. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The stock has a market cap of $50.87 billion, a P/E ratio of 18.38, a PEG ratio of 2.05 and a beta of 1.03. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The firm has a 50 day moving average of $330.38 and a 200 day moving average of $330.69.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $5.08 EPS. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 39.80%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director owned 2,441 shares of the company's stock, valued at approximately $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 the SEC website. 0.41% of the stock is owned by insiders.

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.