Maxi Investments CY Ltd Purchases 1,600 Shares of Cummins Inc. (NYSE:CMI)

Key Points

• Maxi Investments CY Ltd increased its stake in Cummins Inc. by 115.9%, owning 2,981 shares valued at $934,000 after acquiring an additional 1,600 shares in the first quarter.
• Mergers and acquisitions among institutional investors saw multiple funds, including Olde Wealth Management and Opal Wealth Advisors, purchasing new stakes in Cummins, contributing to institutional ownership of 83.46%.
• Analysts have varying opinions on Cummins, with target price adjustments ranging from a high of $387.00 by Barclays to a low of $240.00 by UBS, and an average rating of "Hold" reflecting current market sentiments.

Maxi Investments CY Ltd boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 115.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,981 shares of the company's stock after acquiring an additional 1,600 shares during the period. Maxi Investments CY Ltd's holdings in Cummins were worth $934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ranch Capital Advisors Inc. boosted its holdings in Cummins by 1.7% in the first quarter. Ranch Capital Advisors Inc. now owns 5,435 shares of the company's stock worth $1,703,000 after acquiring an additional 93 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Cummins by 50.0% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 168 shares of the company's stock valued at $53,000 after purchasing an additional 56 shares in the last quarter. Costello Asset Management INC bought a new position in shares of Cummins in the first quarter valued at approximately $40,000. Sfmg LLC lifted its holdings in shares of Cummins by 40.2% in the first quarter. Sfmg LLC now owns 1,315 shares of the company's stock valued at $412,000 after purchasing an additional 377 shares in the last quarter. Finally, MWA Asset Management lifted its holdings in shares of Cummins by 9.9% in the first quarter. MWA Asset Management now owns 4,057 shares of the company's stock valued at $1,272,000 after purchasing an additional 367 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CMI shares. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Barclays increased their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Finally, Morgan Stanley increased their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One 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. According to data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus target price of $370.83.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was 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 owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.41% of the company's stock.

Cummins Stock Performance

NYSE:CMI traded up $2.96 during trading hours on Friday, reaching $387.57. The stock had a trading volume of 932,746 shares, compared to its average volume of 1,043,067. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.81 and a current ratio of 1.64. The stock has a 50 day simple moving average of $339.84 and a 200 day simple moving average of $331.71. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $391.56. The stock has a market cap of $53.40 billion, a P/E ratio of 18.22, a price-to-earnings-growth ratio of 1.90 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the business posted $5.26 earnings per share. The business's revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal 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 given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.1%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 34.23%.

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.