WealthShield Partners LLC Buys New Shares in Cummins Inc. (NYSE:CMI)

Key Points

• WealthShield Partners LLC invested approximately $1.27 million in Cummins Inc. during the first quarter, acquiring 4,041 shares as per their latest SEC filing.
• Cummins recently increased its quarterly dividend to $2.00 from the previous $1.82, reflecting an annualized dividend of $8.00 and a yield of 2.1%.
• Brokerages are optimistic about Cummins, with several analysts raising their price targets, including Citigroup which boosted theirs from $380.00 to $425.00 and upgrading the stock to a "buy" rating.

WealthShield Partners LLC acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,041 shares of the company's stock, valued at approximately $1,267,000.

Several other large investors also recently bought and sold shares of CMI. Vanguard Group Inc. lifted its position in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after purchasing an additional 321,823 shares during the period. Wallington Asset Management LLC increased its holdings in Cummins by 0.8% in the first quarter. Wallington Asset Management LLC now owns 34,348 shares of the company's stock valued at $10,766,000 after buying an additional 275 shares in the last quarter. Maxi Investments CY Ltd increased its stake in shares of Cummins by 115.9% during the 1st quarter. Maxi Investments CY Ltd now owns 2,981 shares of the company's stock worth $934,000 after purchasing an additional 1,600 shares in the last quarter. Ranch Capital Advisors Inc. increased its stake in shares of Cummins by 1.7% during the 1st quarter. Ranch Capital Advisors Inc. now owns 5,435 shares of the company's stock worth $1,703,000 after purchasing an additional 93 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its stake in shares of Cummins by 50.0% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 168 shares of the company's stock worth $53,000 after purchasing an additional 56 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on CMI. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Truist Financial lifted their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday. Barclays lifted their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Finally, Evercore ISI lowered their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of "Hold" and an average target price of $370.83.

Insider Buying and Selling

In other news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director owned 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 this link. Company insiders own 0.41% of the company's stock.

Cummins Stock Up 0.8%

CMI stock traded up $2.96 during trading on Friday, reaching $387.57. The stock had a trading volume of 932,746 shares, compared to its average volume of 1,043,067. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $391.56. The company has a current ratio of 1.64, a quick ratio of 0.81 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $53.40 billion, a P/E ratio of 18.22, a PEG ratio of 1.91 and a beta of 1.02. The firm has a fifty day moving average price of $339.84 and a 200 day moving average price of $331.47.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the previous year, the business posted $5.26 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be given a $2.00 dividend. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.1%. Cummins's payout ratio is currently 34.23%.

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.