Cummins Inc. (NYSE:CMI) Shares Purchased by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 122.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,681 shares of the company's stock after acquiring an additional 2,029 shares during the period. Sagespring Wealth Partners LLC's holdings in Cummins were worth $1,154,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC increased its position in Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after buying an additional 28 shares in the last quarter. Fiduciary Trust Co grew its stake in shares of Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares during the last quarter. Mindset Wealth Management LLC increased its holdings in shares of Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock valued at $724,000 after acquiring an additional 35 shares in the last quarter. Garrison Point Advisors LLC increased its holdings in shares of Cummins by 1.1% during the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock valued at $1,112,000 after acquiring an additional 35 shares in the last quarter. Finally, Ascent Group LLC raised its position in shares of Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after purchasing an additional 37 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Price Performance

Shares of NYSE:CMI traded down $7.59 during trading on Tuesday, reaching $314.72. 619,224 shares of the company's stock traded hands, compared to its average volume of 792,225. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a 50-day simple moving average of $309.15 and a 200-day simple moving average of $336.07. The firm has a market cap of $43.35 billion, a PE ratio of 11.17, a P/E/G ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The company 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%. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company earned $5.08 earnings per share. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is presently 36.22%.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction 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 completion of 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CMI shares. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Citigroup raised their price objective on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and cut their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Truist Financial reduced their price target 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cummins has an average rating of "Hold" and an average price target of $357.25.

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.