Rhumbline Advisers Increases Stake in Cummins Inc. (NYSE:CMI)

Rhumbline Advisers grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 283,522 shares of the company's stock after purchasing an additional 10,560 shares during the quarter. Rhumbline Advisers owned approximately 0.21% of Cummins worth $88,867,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BankPlus Trust Department bought a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc bought a new position in Cummins in the fourth quarter worth about $27,000. Meeder Asset Management Inc. raised its holdings in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in Cummins in the fourth quarter worth about $28,000. Finally, SBI Securities Co. Ltd. bought a new position in Cummins in the fourth quarter worth about $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction that occurred on 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 acquisition, the director now directly owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CMI. Evercore ISI reduced their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Robert W. Baird cut their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Truist Financial cut their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and an average target price of $357.25.

Cummins Stock Performance

Cummins stock traded down $0.04 during mid-day trading on Thursday, hitting $322.80. The company had a trading volume of 550,917 shares, compared to its average volume of 799,980. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company's fifty day moving average is $304.08 and its 200-day moving average is $338.78. The company has a market capitalization of $44.47 billion, a price-to-earnings ratio of 11.46, a P/E/G ratio of 2.19 and a beta of 1.02.

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

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 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.