Pallas Capital Advisors LLC Buys 4,396 Shares of Cummins Inc. (NYSE:CMI)

Pallas Capital Advisors LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 478.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,314 shares of the company's stock after acquiring an additional 4,396 shares during the period. Pallas Capital Advisors LLC's holdings in Cummins were worth $1,666,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CMI. BankPlus Trust Department acquired a new stake in Cummins during the 4th quarter worth about $26,000. Meeder Asset Management Inc. grew its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in shares of Cummins in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the 4th quarter valued at about $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the 4th quarter valued at about $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 1.7%

NYSE CMI traded down $5.55 during trading hours on Friday, hitting $319.19. The company's stock had a trading volume of 553,606 shares, compared to its average volume of 794,318. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a market capitalization of $43.97 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company's 50-day simple moving average is $306.95 and its two-hundred day simple moving average is $337.31.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter last year, the firm earned $5.08 EPS. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.54 EPS 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 dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.28%. Cummins's dividend payout ratio is currently 36.22%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Citigroup raised their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Robert W. Baird reduced their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $357.25.

Insiders Place Their Bets

In other news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company's stock.

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.