Portside Wealth Group LLC Invests $395,000 in Cummins Inc. (NYSE:CMI)

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

Several other large investors also recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its position in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the period. Geode Capital Management LLC lifted its stake in shares of Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after buying an additional 84,112 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after buying an additional 66,887 shares in the last quarter. Northern Trust Corp boosted its holdings in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock valued at $566,856,000 after buying an additional 99,009 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. JPMorgan Chase & Co. raised 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. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Morgan Stanley upped their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company 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 Cummins stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.41% of the company's stock.

Cummins Trading Up 1.1%

Shares of NYSE:CMI traded up $3.62 during midday trading on Friday, hitting $326.74. 523,655 shares of the stock traded hands, compared to its average volume of 798,879. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The business's 50 day moving average is $304.08 and its two-hundred day moving average is $338.78. The stock has a market capitalization of $45.01 billion, a PE ratio of 11.60, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the company posted $5.08 EPS. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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 dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

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.