Lake Street Advisors Group LLC Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Lake Street Advisors Group LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 17.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,306 shares of the company’s stock after purchasing an additional 194 shares during the period. Lake Street Advisors Group LLC’s holdings in Cummins were worth $385,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Albert D Mason Inc. raised its position in shares of Cummins by 0.4% during the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after purchasing an additional 37 shares during the last quarter. Greenleaf Trust raised its holdings in shares of Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after acquiring an additional 40 shares during the last quarter. Bison Wealth LLC lifted its position in shares of Cummins by 3.6% in the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after acquiring an additional 42 shares in the last quarter. Edmp Inc. boosted its stake in shares of Cummins by 0.8% in the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after acquiring an additional 46 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. raised its stake in Cummins by 2.4% in the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company’s stock valued at $576,000 after purchasing an additional 46 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on CMI shares. Robert W. Baird decreased their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. TD Cowen raised their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Truist Financial reduced their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $287.18.

Insider Activity

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Trading Down 0.7 %

CMI traded down $2.08 on Wednesday, hitting $281.57. The company had a trading volume of 620,041 shares, compared to its average volume of 1,938,851. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The firm has a market cap of $38.51 billion, a P/E ratio of 20.61, a PEG ratio of 1.84 and a beta of 0.99. The company’s fifty day moving average price is $279.25 and its 200 day moving average price is $274.03. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, equities analysts expect that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

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.