Cummins Inc. (NYSE:CMI) Shares Acquired by Davis R M Inc.

Davis R M Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 90.4% in the first quarter, HoldingsChannel.com reports. The fund owned 1,554 shares of the company’s stock after buying an additional 738 shares during the quarter. Davis R M Inc.’s holdings in Cummins were worth $487,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. Olde Wealth Management LLC acquired a new position in Cummins in the first quarter valued at approximately $30,000. Capital A Wealth Management LLC acquired a new position in Cummins in the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the first quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at approximately $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was bought 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 of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on CMI shares. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Robert W. Baird lifted their price target on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and cut their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. Finally, The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins has an average rating of “Hold” and an average target price of $361.92.

Cummins Stock Performance

CMI opened at $367.48 on Friday. The company has a market capitalization of $50.62 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The business has a 50 day moving average price of $333.53 and a two-hundred day moving average price of $331.33.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.08 earnings per share. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a dividend of $2.00 per share. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.2%. Cummins’s payout ratio is currently 36.22%.

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.