USA Financial Formulas Makes New Investment in Cummins Inc. (NYSE:CMI)

USA Financial Formulas bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,857 shares of the company's stock, valued at approximately $895,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares in the last quarter. Stratos Wealth Partners LTD. boosted its holdings in Cummins by 8.7% during the fourth quarter. Stratos Wealth Partners LTD. now owns 1,830 shares of the company's stock worth $638,000 after buying an additional 147 shares in the last quarter. Stephens Inc. AR boosted its holdings in Cummins by 9.1% during the fourth quarter. Stephens Inc. AR now owns 1,364 shares of the company's stock worth $475,000 after buying an additional 114 shares in the last quarter. Kestra Private Wealth Services LLC boosted its holdings in Cummins by 28.1% during the fourth quarter. Kestra Private Wealth Services LLC now owns 5,711 shares of the company's stock worth $1,991,000 after buying an additional 1,254 shares in the last quarter. Finally, Savant Capital LLC boosted its holdings in Cummins by 2.8% during the fourth quarter. Savant Capital LLC now owns 12,910 shares of the company's stock worth $4,501,000 after buying an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Trading Down 1.7%

Shares of NYSE:CMI traded down $5.55 during trading on Friday, reaching $319.19. The stock had a trading volume of 553,606 shares, compared to its average volume of 793,902. The business has a fifty day moving average price of $308.02 and a 200-day moving average price of $336.68. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $43.97 billion, a P/E ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share 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 business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the business posted $5.08 earnings per share. The company's revenue was down 2.7% on a year-over-year basis. As a group, analysts anticipate 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. Investors 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 2.28%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Insider Buying and Selling

In related news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on CMI shares. 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 report on Tuesday, May 6th. Evercore ISI cut 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. Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Morgan Stanley lifted their target price on shares of 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 shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One 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.com, the stock currently has an average rating of "Hold" and an average 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.