Cummins Inc. (NYSE:CMI) Shares Purchased by Focus Partners Wealth

Focus Partners Wealth boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 82.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,165 shares of the company's stock after buying an additional 11,362 shares during the quarter. Focus Partners Wealth's holdings in Cummins were worth $8,773,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Northern Trust Corp raised its position in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Cummins by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock worth $552,820,000 after buying an additional 12,722 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI traded up $2.67 on Friday, hitting $334.78. The company had a trading volume of 782,982 shares, compared to its average volume of 807,865. The company has a market capitalization of $46.12 billion, a PE ratio of 11.88, a PEG ratio of 2.19 and a beta of 1.02. The company's fifty day moving average price is $304.05 and its 200-day moving average price is $341.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 EPS. The firm's quarterly revenue was down 2.7% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.17%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CMI shares. 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 report on Tuesday, April 8th. Morgan Stanley lifted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Finally, StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $354.83.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 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, with a total value of $332,080.00. Following the purchase, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

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.