Trueblood Wealth Management LLC Makes New $654,000 Investment in Cummins Inc. (NYSE:CMI)

Trueblood Wealth Management LLC acquired a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,088 shares of the company's stock, valued at approximately $654,000.

A number of other hedge funds have also bought and sold shares of CMI. Sanibel Captiva Trust Company Inc. grew its stake in Cummins by 2.0% during the first quarter. Sanibel Captiva Trust Company Inc. now owns 62,674 shares of the company's stock valued at $19,645,000 after acquiring an additional 1,255 shares in the last quarter. Accurate Wealth Management LLC purchased a new position in shares of Cummins during the 1st quarter valued at $302,000. Simplicity Wealth LLC bought a new position in shares of Cummins in the first quarter worth $964,000. GAMMA Investing LLC raised its position in shares of Cummins by 22.3% in the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock worth $1,191,000 after buying an additional 692 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC boosted its stake in Cummins by 7.2% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,807 shares of the company's stock valued at $1,193,000 after buying an additional 255 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CMI shares. Evercore ISI dropped their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Citigroup upped their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and cut their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. 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. According to MarketBeat, Cummins currently has an average rating of "Hold" and a consensus price target of $357.25.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.41% of the company's stock.

Cummins Stock Down 0.1%

NYSE:CMI traded down $0.35 during mid-day trading on Thursday, reaching $323.23. The company's stock had a trading volume of 184,113 shares, compared to its average volume of 793,482. 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 1 year low of $260.02 and a 1 year high of $387.90. The stock has a fifty day moving average of $305.97 and a 200-day moving average of $337.67. The firm has a market capitalization of $44.53 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the prior year, the company posted $5.08 earnings per share. Cummins's revenue for the quarter was down 2.7% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is currently 36.22%.

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.