Simon Quick Advisors LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Simon Quick Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 107.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,989 shares of the company's stock after purchasing an additional 1,031 shares during the quarter. Simon Quick Advisors LLC's holdings in Cummins were worth $624,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. FMR LLC raised its stake in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after buying an additional 67,266 shares in the last quarter. Fayez Sarofim & Co boosted its position in Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares in the last quarter. National Bank of Canada FI boosted its position in Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cummins by 4.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after purchasing an additional 6,107 shares during the last quarter. Finally, Heritage Trust Co bought a new position in Cummins in the fourth quarter worth about $1,422,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI traded down $7.59 during trading on Tuesday, hitting $314.72. The stock had a trading volume of 619,224 shares, compared to its average volume of 792,559. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The stock has a market capitalization of $43.36 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04. The stock has a 50-day simple moving average of $309.52 and a two-hundred day simple moving average of $335.92.

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

Cummins Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is currently 36.22%.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average cost 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 in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CMI shares. Citigroup raised their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Evercore ISI decreased their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $357.25.

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.