1,259 Shares in Cummins Inc. (NYSE:CMI) Acquired by Portside Wealth Group LLC

Portside Wealth Group LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,259 shares of the company's stock, valued at approximately $395,000.

Several other large investors also recently modified their holdings of the company. Financial Management Professionals Inc. grew its holdings in Cummins by 2.4% in the first quarter. Financial Management Professionals Inc. now owns 1,809 shares of the company's stock worth $567,000 after purchasing an additional 43 shares during the period. Sendero Wealth Management LLC acquired a new stake in Cummins in the first quarter worth $234,000. Apella Capital LLC acquired a new stake in Cummins in the first quarter worth $375,000. AEGON ASSET MANAGEMENT UK Plc grew its holdings in Cummins by 7.3% in the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 227,162 shares of the company's stock worth $71,218,000 after purchasing an additional 15,370 shares during the period. Finally, Capital Asset Advisory Services LLC grew its holdings in Cummins by 36.1% in the first quarter. Capital Asset Advisory Services LLC now owns 867 shares of the company's stock worth $277,000 after purchasing an additional 230 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company's stock.

Cummins Stock Performance

CMI stock traded up $3.62 during mid-day trading on Friday, hitting $326.74. The company had a trading volume of 523,655 shares, compared to its average volume of 799,096. The firm has a market cap of $45.01 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock's fifty day moving average price is $304.31 and its two-hundred day moving average price is $338.16.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is 36.22%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Truist Financial reduced their price objective 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. Robert W. Baird dropped their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Finally, Morgan Stanley raised their price target on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $357.25.

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.