OneAscent Family Office LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,074 shares of the company's stock, valued at approximately $654,000.
Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new position in shares of Cummins in the fourth quarter worth $499,490,000. GAMMA Investing LLC lifted its stake in shares of Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after buying an additional 1,188,276 shares during the period. Vanguard Group Inc. lifted its stake 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 purchasing an additional 250,650 shares during the period. Northern Trust Corp increased its holdings in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in shares of Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares in the last quarter. 83.46% of the stock is owned by institutional investors.
Insider Buying and Selling at Cummins
In related news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on CMI. Robert W. Baird raised their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Evercore ISI lowered their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of "Hold" and a consensus target price of $361.42.
View Our Latest Report on Cummins
Cummins Trading Up 0.6%
Shares of NYSE:CMI opened at $350.40 on Friday. The company's 50-day moving average price is $327.72 and its two-hundred day moving average price is $330.75. 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 Inc. has a one year low of $260.02 and a one year high of $387.90. The stock has a market capitalization of $48.27 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.94 and a beta of 1.03.
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 the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the previous year, the firm posted $5.08 EPS. The company's revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.28%. Cummins's payout ratio is currently 36.22%.
Cummins Company Profile
(
Free Report)
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.
Further Reading
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