Cutler Investment Counsel LLC Buys Shares of 1,558 Cummins Inc. (NYSE:CMI)

Cutler Investment Counsel LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,558 shares of the company’s stock, valued at approximately $373,000.

A number of other hedge funds also recently modified their holdings of CMI. Vanguard Group Inc. grew its stake in Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Norges Bank acquired a new stake in Cummins during the 4th quarter worth approximately $292,182,000. International Assets Investment Management LLC lifted its holdings in Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after purchasing an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. acquired a new stake in Cummins during the 3rd quarter worth approximately $71,268,000. Finally, Envestnet Asset Management Inc. lifted its holdings in Cummins by 88.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after purchasing an additional 274,927 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $254.00 to $321.00 in a report on Friday, March 15th. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, Truist Financial began coverage on Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $279.70.

Insider Buying and Selling

In other news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is owned by company insiders.

Cummins Stock Down 1.6 %

NYSE:CMI traded down $4.72 on Friday, hitting $286.70. The stock had a trading volume of 712,831 shares, compared to its average volume of 2,790,152. The business’s fifty day moving average is $279.54 and its 200 day moving average is $247.93. The company has a market cap of $39.21 billion, a PE ratio of 56.07, a P/E/G ratio of 1.99 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.52 EPS. On average, equities research analysts expect that Cummins Inc. will post 18.24 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Cummins 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.