Secured Retirement Advisors LLC Makes New $895,000 Investment in Cummins Inc. (NYSE:CMI)

Secured Retirement Advisors LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,855 shares of the company's stock, valued at approximately $895,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its stake in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares in the last quarter. TCTC Holdings LLC acquired a new position in Cummins during the fourth quarter worth about $28,000. Capital A Wealth Management LLC acquired a new position in Cummins during the fourth quarter worth about $32,000. Olde Wealth Management LLC bought a new stake in Cummins in the first quarter worth about $30,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Cummins in the 1st quarter valued at about $37,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.4%

Shares of Cummins stock traded down $1.28 during midday trading on Friday, hitting $338.75. The company's stock had a trading volume of 632,089 shares, compared to its average volume of 775,756. The firm has a market capitalization of $46.67 billion, a P/E ratio of 16.85, a PEG ratio of 2.04 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. The stock has a 50-day simple moving average of $323.43 and a 200-day simple moving average of $330.92.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping 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 firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the company posted $5.08 EPS. The business's quarterly revenue was down 2.7% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Citigroup reaffirmed a "buy" rating and issued a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday. Morgan Stanley lifted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $361.42.

Insider Activity

In other news, Director John H. Stone purchased 1,000 shares of the 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 $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

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.