Peterson Wealth Services Takes Position in Cummins Inc. (NYSE:CMI)

Peterson Wealth Services acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,262 shares of the company's stock, valued at approximately $1,022,000.

A number of other hedge funds have also recently modified their holdings of CMI. Meeder Asset Management Inc. grew its stake in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares in the last quarter. Olde Wealth Management LLC purchased a new position in Cummins in the first quarter valued at $30,000. Capital A Wealth Management LLC purchased a new stake in Cummins during the 4th quarter worth about $32,000. Opal Wealth Advisors LLC acquired a new stake in Cummins in the 1st quarter valued at about $37,000. Finally, Ritter Daniher Financial Advisory LLC DE grew its position in shares of Cummins by 316.7% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company's stock worth $44,000 after buying an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on CMI shares. Morgan Stanley boosted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Citigroup reaffirmed a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Barclays boosted their target price on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday. 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. Finally, Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $361.92.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

CMI stock traded up $1.05 on Thursday, reaching $363.03. 395,186 shares of the company's stock were exchanged, compared to its average volume of 871,211. The stock has a fifty day moving average of $329.01 and a 200-day moving average of $330.97. The firm has a market cap of $50.01 billion, a PE ratio of 18.06, a P/E/G ratio of 1.99 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $8.22 billion. During the same quarter in the previous year, the firm earned $5.08 earnings per share. The firm's revenue was down 2.7% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.20%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is presently 36.22%.

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.