PFG Advisors Raises Stock Position in Cummins Inc. (NYSE:CMI)

PFG Advisors increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 36.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,540 shares of the company's stock after purchasing an additional 1,743 shares during the period. PFG Advisors' holdings in Cummins were worth $2,050,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CMI. Brighton Jones LLC raised its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares during the period. Proficio Capital Partners LLC purchased a new stake in Cummins during the 4th quarter valued at $204,000. LPL Financial LLC raised its holdings in Cummins by 5.6% during the 4th quarter. LPL Financial LLC now owns 334,662 shares of the company's stock valued at $116,663,000 after buying an additional 17,662 shares during the period. Congress Wealth Management LLC DE raised its holdings in Cummins by 74.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 1,419 shares of the company's stock valued at $495,000 after buying an additional 604 shares during the period. Finally, Corebridge Financial Inc. raised its holdings in Cummins by 2.2% during the 4th quarter. Corebridge Financial Inc. now owns 34,764 shares of the company's stock valued at $12,119,000 after buying an additional 739 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Trading Up 1.1%

Shares of NYSE CMI traded up $4.01 during trading hours on Friday, reaching $369.28. The stock had a trading volume of 697,921 shares, compared to its average volume of 893,558. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The firm has a market cap of $50.87 billion, a price-to-earnings ratio of 18.37, a P/E/G ratio of 2.05 and a beta of 1.03. The business's fifty day moving average price is $330.38 and its two-hundred day moving average price is $330.89. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the business earned $5.08 earnings per share. Cummins's quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 EPS 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 paid a dividend of $2.00 per share. The ex-dividend date is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.17%. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Insider Activity

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director owned 2,441 shares in the company, 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 document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Robert W. Baird raised their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Evercore ISI decreased 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. Truist Financial decreased 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. Finally, Citigroup reissued 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $361.92.

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.