Prosperity Consulting Group LLC Takes Position in Cummins Inc. (NYSE:CMI)

Key Points

• Prosperity Consulting Group LLC acquired a new position in Cummins Inc. valued at approximately $240,000, purchasing 765 shares during the first quarter.
• Wall Street analysts have mixed views on Cummins, with target price adjustments ranging from $240.00 to $431.00 and an average rating of "Hold."
• Cummins has announced a dividend increase to $2.00 per share, reflecting a new annualized dividend of $8.00 and a yield of 2.19%.

Prosperity Consulting Group LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 765 shares of the company's stock, valued at approximately $240,000.

Several other large investors have also modified their holdings of the stock. Meeder Asset Management Inc. raised its holdings in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the last quarter. Olde Wealth Management LLC acquired a new position in shares of Cummins during the first quarter valued at approximately $30,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins during the first quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of Cummins during the first quarter valued at approximately $39,000. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on CMI. Barclays raised their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Robert W. Baird lifted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. 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 report on Tuesday, April 8th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $361.92.

Insider Activity

In other Cummins news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Stock Up 0.5%

Shares of NYSE:CMI traded up $1.98 during trading on Thursday, reaching $367.48. 762,677 shares of the company traded hands, compared to its average volume of 893,053. The firm has a fifty day simple moving average of $332.61 and a 200 day simple moving average of $331.28. The firm has a market cap of $50.62 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. 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 (NYSE:CMI - Get Free Report) last issued its 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 net margin of 8.20% and a return on equity of 26.88%. The company 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 posted $5.08 EPS. The company's revenue for the quarter was down 2.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is presently 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.