Ascent Group LLC Buys New Shares in Cummins Inc. (NYSE:CMI)

Ascent Group LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,198 shares of the company’s stock, valued at approximately $353,000.

A number of other hedge funds have also recently bought and sold shares of CMI. First United Bank & Trust acquired a new position in Cummins during the fourth quarter worth $25,000. Private Wealth Management Group LLC bought a new stake in shares of Cummins in the 4th quarter valued at about $26,000. JNBA Financial Advisors lifted its stake in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. LRI Investments LLC bought a new position in Cummins during the first quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Cummins during the fourth quarter worth approximately $31,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. TD Cowen lifted their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Truist Financial dropped their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research report on Tuesday, July 2nd. The Goldman Sachs Group lifted their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $287.18.

Insider Activity

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

Cummins Price Performance

NYSE:CMI traded up $0.77 during trading hours on Monday, reaching $291.15. 678,614 shares of the company were exchanged, compared to its average volume of 1,911,054. The business has a 50 day moving average of $279.25 and a 200 day moving average of $274.93. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The company has a market capitalization of $39.82 billion, a P/E ratio of 21.32, a P/E/G ratio of 1.83 and a beta of 0.99.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.50%. Cummins’s payout ratio is presently 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.