Retirement Planning Co of New England Inc. Acquires Shares of 1,000 Cummins Inc. (NYSE:CMI)

Retirement Planning Co of New England Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,000 shares of the company's stock, valued at approximately $313,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cummins by 2.6% during the fourth 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 during the last quarter. Northern Trust Corp boosted its position in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after acquiring an additional 246,807 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after acquiring an additional 12,722 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction that occurred on 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 directly owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Up 0.8%

Shares of CMI opened at $348.18 on Friday. The firm has a 50 day simple moving average of $326.85 and a two-hundred day simple moving average of $330.86. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $47.96 billion, a P/E ratio of 17.32, a P/E/G ratio of 2.07 and a beta of 1.03.

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

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 36.22%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Evercore ISI decreased their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Citigroup reissued a "buy" rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Cummins currently has an average rating of "Hold" and an average price target of $361.42.

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.

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