MQS Management LLC Purchases Shares of 1,001 Cummins Inc. (NYSE:CMI)

MQS Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,001 shares of the company's stock, valued at approximately $314,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after acquiring an additional 84,112 shares during the last quarter. Northern Trust Corp raised its position in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after acquiring an additional 246,807 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cummins by 6.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after acquiring an additional 99,009 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Cummins by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after purchasing an additional 12,722 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 1.1%

Shares of Cummins stock traded up $3.77 during trading on Wednesday, reaching $345.71. The stock had a trading volume of 977,286 shares, compared to its average volume of 777,737. 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 company has a market capitalization of $47.62 billion, a price-to-earnings ratio of 17.20, a P/E/G ratio of 2.05 and a beta of 1.03. The stock has a fifty day moving average price of $326.02 and a two-hundred day moving average price of $330.86. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.08 EPS. Sell-side analysts predict 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 issued a dividend of $2.00 per share. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.31%. Cummins's dividend payout ratio is presently 36.22%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Citigroup reiterated a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Truist Financial reduced their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $361.42.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.41% of the company's stock.

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.