Cummins Inc. (NYSE:CMI) Shares Purchased by Morse Asset Management Inc

Morse Asset Management Inc grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 74.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,645 shares of the company's stock after acquiring an additional 2,844 shares during the period. Morse Asset Management Inc's holdings in Cummins were worth $2,083,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CMI. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. Barclays lifted their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $361.92.

Cummins Price Performance

Shares of NYSE:CMI traded down $5.53 during midday trading on Monday, reaching $344.87. 1,087,402 shares of the company were exchanged, compared to its average volume of 777,258. 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 business's fifty day moving average is $327.72 and its two-hundred day moving average is $330.63. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The stock has a market cap of $47.51 billion, a PE ratio of 17.16, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. Cummins's revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.08 earnings per share. As a group, analysts predict 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 issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.32%. Cummins's dividend payout ratio is presently 36.22%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company's stock.

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.