Raleigh Capital Management Inc. Buys 816 Shares of Cummins Inc. (NYSE:CMI)

Raleigh Capital Management Inc. lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4,533.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 834 shares of the company's stock after purchasing an additional 816 shares during the quarter. Raleigh Capital Management Inc.'s holdings in Cummins were worth $261,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CMI. Meeder Asset Management Inc. raised its position in Cummins by 208.0% in the 4th 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. TCTC Holdings LLC bought a new stake in shares of Cummins in the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new position in Cummins during the fourth quarter worth $30,000. Capital A Wealth Management LLC bought a new position in Cummins in the fourth quarter valued at $32,000. Finally, Olde Wealth Management LLC acquired a new stake in Cummins in the 1st quarter valued at $30,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was bought 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 owned 2,441 shares in the company, 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 this hyperlink. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

Shares of CMI stock traded up $3.46 on Wednesday, hitting $334.21. 987,901 shares of the stock were exchanged, compared to its average volume of 775,281. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The firm has a market capitalization of $46.04 billion, a PE ratio of 16.63, a P/E/G ratio of 1.99 and a beta of 1.03. The firm's 50 day moving average is $320.95 and its two-hundred day moving average is $331.24.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $5.08 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of "Hold" and a consensus target price of $358.08.

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.