ProShare Advisors LLC Buys 2,421 Shares of Cummins Inc. (NYSE:CMI)

ProShare Advisors LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,079 shares of the company's stock after purchasing an additional 2,421 shares during the period. ProShare Advisors LLC's holdings in Cummins were worth $7,000,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CMI. Global Trust Asset Management LLC lifted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new position in shares of Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its position in shares of Cummins by 208.0% during the 4th 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. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins during the 4th quarter worth approximately $28,000. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 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, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research analyst reports. Truist Financial lowered their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and lowered their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, Citigroup lifted their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $352.17.

Cummins Trading Down 0.5%

Shares of CMI stock traded down $1.73 during mid-day trading on Thursday, reaching $321.48. 714,728 shares of the stock traded hands, compared to its average volume of 805,506. The company has a market cap of $44.28 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. 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 stock's fifty day simple moving average is $304.57 and its two-hundred day simple moving average is $341.39. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data 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 net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the business earned $5.08 EPS. The firm's quarterly revenue was down 2.7% on a year-over-year basis. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Cummins 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.