Smithbridge Asset Management Inc. DE Purchases New Shares in Cummins Inc. (NYSE:CMI)

Smithbridge Asset Management Inc. DE purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,322 shares of the company's stock, valued at approximately $1,355,000.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. Norges Bank bought a new stake in shares of Cummins during the fourth quarter worth approximately $499,490,000. GAMMA Investing LLC grew its holdings in Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. acquired a new position in Cummins during the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. grew its holdings in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the period. Finally, Northern Trust Corp grew its holdings in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction 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. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Evercore ISI cut their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. 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 research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and an average price target of $357.25.

Cummins Stock Performance

NYSE CMI traded down $5.55 on Friday, hitting $319.19. 553,606 shares of the stock were exchanged, compared to its average volume of 794,318. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business's fifty day moving average is $306.95 and its 200 day moving average is $337.31. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a market capitalization of $43.97 billion, a PE ratio of 11.33, a P/E/G ratio of 2.19 and a beta of 1.04.

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 the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period in the prior year, the firm posted $5.08 earnings per share. The company's quarterly revenue was down 2.7% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.28%. Cummins's dividend payout ratio is currently 36.22%.

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.