Peterson Wealth Services Buys Shares of 3,262 Cummins Inc. (NYSE:CMI)

Peterson Wealth Services purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund purchased 3,262 shares of the company's stock, valued at approximately $1,022,000.

A number of other institutional investors have also made changes to their positions in the company. Brighton Jones LLC grew its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Cummins in the fourth quarter worth $204,000. Intech Investment Management LLC bought a new position in shares of Cummins in the fourth quarter worth $980,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Cummins by 13.3% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,056 shares of the company's stock worth $368,000 after purchasing an additional 124 shares in the last quarter. Finally, Lee Danner & Bass Inc. bought a new position in shares of Cummins in the fourth quarter worth $60,000. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was acquired 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 approximately $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Cummins stock traded up $12.68 during mid-day trading on Tuesday, reaching $357.30. 1,401,843 shares of the company were exchanged, compared to its average volume of 779,952. The company has a fifty day simple moving average of $327.72 and a 200-day simple moving average of $330.63. The firm has a market cap of $49.22 billion, a PE ratio of 17.78, a PEG ratio of 1.95 and a beta of 1.03. Cummins Inc. has a 12 month low of $260.02 and a 12 month 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 issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter last year, the business posted $5.08 EPS. The company's revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. The ex-dividend date of this dividend 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 2.24%. Cummins's dividend payout ratio (DPR) is 39.80%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Morgan Stanley lifted their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Truist Financial cut their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Citigroup reaffirmed a "buy" rating and set a $360.00 price target (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Finally, Evercore ISI cut their price target 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, seven have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $361.92.

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.