Merit Financial Group LLC Acquires 5,685 Shares of Cummins Inc. (NYSE:CMI)

Merit Financial Group LLC grew its stake in Cummins Inc. (NYSE:CMI - Free Report) by 44.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,520 shares of the company's stock after purchasing an additional 5,685 shares during the period. Merit Financial Group LLC's holdings in Cummins were worth $5,805,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Cummins by 5.7% during the 4th 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 lifted its position in Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI boosted its stake in Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after buying an additional 3,298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after buying an additional 6,107 shares during the period. Finally, Heritage Trust Co acquired a new position in Cummins in the fourth quarter worth about $1,422,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on CMI shares. The Goldman Sachs Group raised 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 note on Tuesday, May 27th. Robert W. Baird reduced their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Citigroup upped their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $357.25.

Cummins Stock Performance

Shares of Cummins stock traded down $0.04 during trading on Thursday, reaching $322.80. The company's stock had a trading volume of 550,917 shares, compared to its average volume of 801,063. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a market cap of $44.47 billion, a PE ratio of 11.46, a P/E/G ratio of 2.19 and a beta of 1.02. 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 $303.88 and its 200-day moving average price is $339.06.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the business earned $5.08 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

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.