NorthCrest Asset Manangement LLC Purchases New Shares in Cummins Inc. (NYSE:CMI)

NorthCrest Asset Manangement LLC bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 899 shares of the company's stock, valued at approximately $282,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. FMR LLC increased its position in shares of Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after acquiring an additional 67,266 shares during the last quarter. Fayez Sarofim & Co grew its stake in Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares in the last quarter. National Bank of Canada FI increased its holdings in Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 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 purchasing an additional 6,107 shares in the last quarter. Finally, Heritage Trust Co acquired a new stake in shares of Cummins during the fourth quarter worth approximately $1,422,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

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 stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CMI. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. 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. Evercore ISI lowered their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Citigroup raised 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. Finally, Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $357.25.

Cummins Stock Performance

Shares of NYSE CMI traded down $7.59 during midday trading on Tuesday, reaching $314.72. 619,224 shares of the company traded hands, compared to its average volume of 792,225. The company has a market cap of $43.36 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 1.94 and a beta of 1.04. The stock has a 50-day moving average price of $309.15 and a 200 day moving average price of $336.07. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last released 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 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 period in the previous year, the firm earned $5.08 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.31%. Cummins's dividend payout ratio (DPR) is 36.22%.

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.