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

Trueblood Wealth Management LLC purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,088 shares of the company's stock, valued at approximately $654,000.

Several other institutional investors have also added to or reduced their stakes in the business. Sanibel Captiva Trust Company Inc. boosted its holdings in Cummins by 2.0% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 62,674 shares of the company's stock worth $19,645,000 after acquiring an additional 1,255 shares in the last quarter. Accurate Wealth Management LLC acquired a new stake in Cummins in the first quarter worth about $302,000. Simplicity Wealth LLC acquired a new stake in Cummins in the first quarter worth about $964,000. GAMMA Investing LLC boosted its holdings in 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 acquiring an additional 692 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC boosted its holdings in Cummins by 7.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 3,807 shares of the company's stock worth $1,193,000 after acquiring an additional 255 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Down 1.7%

Shares of Cummins stock traded down $5.55 during trading hours on Friday, hitting $319.19. The company's stock had a trading volume of 553,606 shares, compared to its average volume of 793,902. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The firm has a fifty day moving average of $308.02 and a 200-day moving average of $336.91. The stock has a market cap of $43.97 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 2.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors 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 presently 36.22%.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the business's 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 acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CMI shares. UBS Group cut 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. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. 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. Robert W. Baird reduced their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One 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. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $357.25.

About Cummins

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.