Sweeney & Michel LLC Purchases Shares of 1,030 Cummins Inc. (NYSE:CMI)

Sweeney & Michel LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,030 shares of the company's stock, valued at approximately $323,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. 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. Geode Capital Management LLC boosted its holdings in shares of Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after acquiring an additional 84,112 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after acquiring an additional 66,887 shares during the period. Northern Trust Corp grew its position in shares of Cummins by 15.1% in 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cummins by 6.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock valued at $566,856,000 after purchasing an additional 99,009 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CMI shares. Evercore ISI reduced their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. The Goldman Sachs Group upgraded 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 report on Tuesday, May 27th. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $357.25.

Cummins Price Performance

Shares of CMI traded up $2.23 during midday trading on Thursday, reaching $325.06. The stock had a trading volume of 173,697 shares, compared to its average volume of 799,603. The company's 50-day moving average is $303.88 and its 200 day moving average is $339.06. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $44.78 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the prior year, the business earned $5.08 EPS. The company's revenue for the quarter was down 2.7% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders 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 2.24%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 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.